Egypt's economic reforms attract French investments, say economists

Newspaper Title: https://english.ahram.org.eg/

Newspaper Number:

Thursday - 11 November 2021

A number of French economists said economic reforms that Egypt has implemented over the past seven years strengthened the investment-friendly environment and boosted the GDP growth.

Besides Egypt’s distinguished geographic location, increasing expenditure on infrastructure projects and improvement of its credit rating will help push up the volume of the French investments in it in the coming years, they added.

In statements to MENA on Thursday, the French economists said exchanging visits between senior officials and heads of the major companies in both countries aims to boost the volume of bilateral investments and trade exchange.

They expected the volume of trade exchange between the two countries to pick up this year and the coming one as growth indices are improving in both of them and the coronavirus impacts on the international economy are fading.

Françoise Courtin, a French banking expert said economic and trade relations between Egypt and France depend on the mutual benefit principle as France represents a suitable gateway for Egypt's exports to the EU countries while Egypt is a proper gateway for France’s exports to the African continent.

Private sector in both countries will play a key role in fostering economic, trade and investment relations in the coming stage, he added.

Claude Dubois, a French economist, said Egypt is qualified for playing a crucial role in the energy field at the eastern Mediterranean level in the coming period given the increasing rates of its gas discoveries, highlighting Egypt’s role in establishing the East Mediterranean Gas Forum.

In this regard, Jacques Fouchier, an emerging market expert at a French financial institution, described Egypt as a launching point that helps the French exports enter various markets in the Middle East and Africa, pointing out to its free trade agreements with various regional countries and the investment incentives it offers.

Egypt is a key pillar of stability and peace in the Middle East, he noted.

Meanwhile, Hervé Gérard Gorin, a French economist and consultant in emerging market economies, described economic reforms that Egypt has implemented over the past five years as “realistic and effective," saying that the country’s economic indices are promising.

Egypt is one of the most important countries receiving French investments which have so far hit about 5 billion euros with around 165 French companies operating in the Egyptian market.

Official data show that the volume of trade exchange between both countries jumped 20% in 2020, hitting about 3 billion dollars compared with 2019.