In a significant development, French businesses are set to amplify their investment in Egypt, with current financial commitments amounting to $7.2 billion across multiple sectors. This was the focal point of a recent meeting between Egyptian Prime Minister Mostafa Madbouly and leaders from the French Chamber of Commerce and Industry, alongside representatives from key French enterprises active in the country.
Enhancing the Investment Climate
Prime Minister Madbouly highlighted the robust and strategic relationship between Egypt and France, emphasizing recent legislative measures designed to improve the investment climate. These initiatives include incentives under the updated Investment Law, aimed at fostering a more business-friendly environment. Key areas for potential investment were discussed, notably in transportation, particularly subway projects, and the localization of train and railway car manufacturing. The electric car industry also emerged as a significant opportunity, with ongoing talks with international companies to advance the localization of railway-related industries.
Strengthening Trade and Investment Ties
The French Chamber of Commerce and Industry reaffirmed its commitment to deepening trade and investment links between the two countries. An Egyptian-French Business Forum is planned in France later this year to promote Egyptian exports.
French companies showcased their current projects in Egypt and their plans for further investments in sectors such as oil and gas, green hydrogen, and the localization of pharmaceutical industries and vaccines. French banks expressed intentions to expand in the Egyptian market, focusing on financing energy transition projects and clean and electric car initiatives.
Key Investment Announcements
Notably, Saint-Gobain Egypt for Glass announced plans to invest €300 million in the Egyptian market over the next three years, with €200 million already approved. This investment includes a proposal to establish a factory in Sadat City, funded entirely through foreign direct investment.
Several French firms confirmed their participation in the upcoming joint Egyptian-European investment conference in Cairo on June 29th and 30th, demonstrating their continued commitment to the Egyptian market.
Streamlining Export Processes
Prime Minister Madbouly also announced that Egypt’s export support system will be fully automated by July, aiming to enhance trade efficiency and streamline export operations.
Conclusion
The meeting concluded with a mutual commitment to strengthen trade and industrial relations between Egypt and France. Prime Minister Madbouly invited all investment proposals to be submitted in writing for review by the relevant authorities, ensuring continued growth in French investments in Egypt.
Photo source: Google
By: Montel Kamau
Serrari Financial Analyst
25th June, 2024
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