Egypt reveals plans to set up joint business forum with EU to attract European investment
Newspaper Title: www.arabnews.com
Newspaper Number:
Monday - 12 December 2022
CAIRO: Top officials from Egypt and the EU are to pursue plans to set up a joint business forum aimed at attracting increased European investment in the north African country.
Egyptian minister of trade and industry, Ahmed Samir, recently held talks with the EU’s envoy to Cairo, Christian Berger, about ways to boost economic cooperation.
In a statement, the Egyptian ministry said the two sides had agreed to work together on promoting investment opportunities for European companies in Egypt along with related incentive packages being offered by the Egyptian government.
Samir noted that through the African Continental Free Trade Agreement, Egypt was looking to become a center for the manufacture of European products and a conduit to African markets.
He added that cooperation with the EU was also being sought as part of Egypt’s recently launched strategy to develop its automotive industry, especially electric cars.
In addition, efforts to reinvigorate the Egyptian private sector in the wake of the coronavirus pandemic and ongoing Russian-Ukrainian conflict were discussed at the meeting.
Samir pointed out new government initiatives linked to state ownership policy, competitive neutrality, and investor and manufacturer licensing.
Berger said that the EU was keen to strengthen its economic and political relations with Egypt, a country it considered one of its key partners in the region, particularly Egypt’s role as an important link in regional supply chains.
Lauding Cairo’s work to improve its business environment and increase private-sector involvement in the economy, Berger added that the EU wanted to further develop its cooperation with Egypt in helping to make it a center for vaccine industries in Africa, and grow its renewable energy sector, especially in the field of green hydrogen.
In September, Samir said the volume of trade exchange between Egypt and the EU last year was worth around $29.6 billion, compared to approximately $23.8 billion in 2020, an increase of 24.5 percent.
He noted that the EU was the world’s second-largest market for Egyptian exports, adding that the Egyptian government aimed to adopt advanced European industrial technologies.
