Trade min. mulls multifaceted cooperation with France

Minister of Trade and Industry Ahmed Samir said his ministry is keen on making use of France’s extensive industrial expertise to entrench some targeted local industries in Egypt, especially the pharmaceutical, petrochemical, and auto industry, along with their relevant supply industries.

Samir made the remarks during a meeting with French Ambassador to Egypt Eric Chevalier and his accompanying delegation here on Sunday to discuss economic cooperation aspects and how to foster bilateral relations at the commercial, industrial, and investment levels.

Samir said there are the huge opportunities for promoting economic cooperation, whether at the bilateral or multilateral levels within the framework of the EU-Egypt Association Agreement, urging French business communities to capitalize on the opportunities and advantages offered by the Egyptian market.

These advantages include free access to African markets thanks to Egypt’s membership in the African Continental Free Trade Area (AfCFTA), Egypt-Italy express shipping line extending from Genoa and Salerno to Alexandria, and the Cairo-Cape Town road, which passes through nine African countries, the minister pointed out.

He also shed light on the government unprecedented bundles of investment incentives that include procedural accommodations, discounts on industrial land price, tax exemptions, and expanding the scope of the golden license system, originally introduced as part of Investment Law 20/2017, but only activated in September 2022.

Meanwhile, the French diplomat asserted his country’s commitment to bolstering economic ties with Egypt, given its strategic position in the Middle East and Africa.

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