PM commends strategic relations between Egypt, France

Prime Minister Mostafa Madbouly commended the historical and strategic relations between Egypt and France in different political, economic and cultural fields.

Madbouly made the remarks during his meeting on Monday with members of the French Chamber of Commerce and Industry in Egypt (CCIFE) and a delegation comprising CEOs and officials of some major French companies and banks operating in the Egyptian market.

The two sides reviewed projects carried out by French companies and their future plans to expand their investments in Egypt. Trade and Industry Minister Ahmed Samir was present at the meeting.

The premier lauded the distinguished trade relations between Egypt and France, calling for intensifying joint efforts to enhance the volume of trade exchange to higher levels.

Madbouly said that 940 French companies have investments in Egypt worth USD 7.2 billion, which are distributed in the areas of infrastructure, banking, insurance, energy, transport, communications among others.

The prime minister briefed the French delegation on the measures introduced by the Egyptian government to improve the investment climate and create an attractive business environment, citing the incentives offered to foreign companies as per the investment law.

Madbouly urged French companies to inject further investments in promising businesses, notably the transport sector, especially as the Egyptian State seeks to localize the manufacture of metro and railway cars, as well as the auto industry, in cooperation with global companies.

The prime minister urged CEOs of French companies to attend the Egypt-EU investment conference to be held in Cairo on June 29-30 and co-chaired by President Abdel Fattah al-Sisi and President of the European Commission Ursula von der Leyen.

On their part, the CCIFE members congratulated Madbouly on his reappointment after being entrusted by President Sisi to form a new government.

They said the CCIFE is keen on fostering trade and investment cooperation between France and Egypt, noting that their country will host a French-Egyptian business forum in the coming months, with the participation of representatives of the private sectors in the two countries.

Meanwhile, CEOs of major French companies said they look forward to pumping more investments in the sectors of oil, gas and green hydrogen as well as the manufacture of pharmaceuticals and vaccines in Egypt.

Representatives of French banks expressed their commitment to expanding their banking and non-banking financial activities, and their readiness to provide more funding for energy transition and electric vehicle projects in Egypt.

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