Egypt, EU aim to hold joint business forum to attract more companies to Egypt

Egypt’s Minister of Trade and Industry Ahmed Samir met Sunday with Ambassador of the European Union (EU) in Cairo Christian Berger.

The two parties discussed ways to enhance bilateral economic cooperation during the coming period.

The minister said that Egypt and the EU have strong relations based on a long history of fruitful cooperation at the level of governments, economic circles and business communities, as the EU is the largest economic partner for Egypt.

Samir disclosed that there are many great opportunities to develop and enhance this existing cooperation between the two sides.

Samir explained that the meeting tackled efforts taken by the Egyptian state during the last period to give impetus to the Egyptian private sector and prepare the business environment, especially in light of the successive global crises represented in the Covid-19 pandemic and the Russian-Ukrainian crisis, as these efforts included announcing the state ownership document and the strategy of competitive neutrality.

The minister noted that the two sides agreed to intensify communication during the coming period to encourage European companies to direct new investments into the Egyptian market and benefit from the incentive packages provided by the Egyptian government to attract foreign investment.

The talks dealt with the possibility of holding a business forum in Egypt that brings together businessmen from Egypt and other countries of the EU with the participation of business federations and chambers of commerce from both sides, to introduce business climate and environment in Egypt and the investment opportunities available in the Egyptian market, in cooperation with the Ministry of Trade and Industry.

Samir added that Egypt is seeking to benefit from the African Continental Free Trade Agreement to turn Egypt into a center for the manufacture of European products and their access to African markets, as well as cooperation with the European side within the framework of Egypt’s recently launched strategy to develop the automotive industry, especially electric cars.

Ambassador Berger affirmed that the Commission is keen to strengthen economic and political cooperation relations with Egypt as one of the most important partners of the EU in the region, especially in light of Egypt’s position as an important link in the regional supply chains, praising the efforts made by Egypt to enhance business environment and increase the participation of private sector in local economy.

Berger added that the EU is keen to deepen cooperation with Egypt to be a center for vaccine industries in Africa, as well as to increase cooperation in the field of renewable energy of all kinds, especially green hydrogen.

Read More: Egypt, EU aim to hold joint business forum to attract more companies to Egypt

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