Sisi calls for establishing investment
partnership based on mutual benefits
EU pledges €4b financial assistance package to Egypt
President Abdel Fattah El Sisi on Wednesday participated in the main session of the first-ever Egypt–EU Summit, held in Brussels in the presence of European Council President António Costa and European Commission President Ursula von der Leyen.
The session opened with welcoming remarks by Costa and von der Leyen, followed by discussions in which President Sisi took part, addressing key geopolitical issues on the summit’s agenda.
Following his address, President Sisi, the European Commission president, and the European Council president witnessed the signing of three landmark agreements between Egypt and the European Union.
Minister of Planning, Economic Development, and International Co-operation Dr. Rania al-Mashat and EU Executive Vice-President and Commissioner for Economy Valdis Dombrovskis signed a joint declaration on a memorandum of understanding for a €4 billion financial assistance package between Egypt and the EU.
Al-Mashat also signed, alongside EU Commissioner for Democracy and Demography Dubravka Šuica, a joint declaration on the financing agreement for the EU Support Programme for the Implementation of Local Socioeconomic Reforms in Egypt.
In addition, Foreign Minister Badr Abdel-Aati and EU Commissioner for Startups, Research, and Innovation Ekaterina Zaharieva signed a memorandum of understanding marking Egypt’s accession to the Horizon Europe programme as a partner country with the European Union.
Earlier, President Sisi took part in the closing session of the high-level meeting, entitled ‘Implementing the comprehensive Strategic Partnership between the European Union and Egypt: Accelerating strategic investment and the transition to industrialisation and Innovation,” which was held at the European Commission (EC) headquarters in Brussels on Wednesday.
The closing session of the event was attended by Ursula von der Leyen, the President of the European Commission, and from the Egyptian side Foreign Minister Badr Abdel-Aati, Minister of Investment and Foreign Trade Hassan al-Khatib, Minister of International Co-operation, Planning and Economic Development Rania al-Mashat.
The high-level meeting included three sessions titled: building a strategic investment corridor between Egypt and Europe, enhancing industrial and sustainable competitiveness of value chains, and placing research and innovation at the heart of competitiveness.
This meeting comes 19 months after the launch of the Comprehensive Strategic Partnership between the EU and Egypt.
With the participation and attendance of political leaders and senior business figures from the bloc and Egypt, financial institutions and industrialists, the meeting is expected to contribute to providing a vision for activating and promoting the Egyptian-European partnership, and increasing innovation, sustainability and competitiveness to lead the future of relations between the European Union and Egypt, Presidency Spokesman Mohamed el-Shennawy said.
This will be done with a focus on strategic sectors, particularly technological and clean value chains, and promoting innovation in ecosystems.
The dialogue will also provide an opportunity to strengthen the partnership between the public and private sectors and promote the reforms needed to attract long-term capital and investment and support competitiveness.
President Sisi affirmed that Egypt is on the threshold of a new phase of economic co-operation with Europe, noting that Egypt has taken a series of measures for economic reform that have been praised internationally.
During his participation in the closing session of the economic forum on the sidelines of the Egypt-EU summit in Brussels yesterday, the president said that the summit is a new and a milestone in the partnership between the two sides, noting that European investments in Egypt account for 32 per cent of the total volume of investments.
He added that Egypt is a promising market that can serve the Middle East, stressing that Egypt’s location allows European companies to reach African and Asian countries.
“Today, we are on the threshold of a new phase in economic co-operation between Egypt and the European Union, a phase that requires a broader vision and greater ambition amid the unprecedented developments that our region and our regional surrounding have witnessed in recent years, the spokesman said.’ He affirmed his firm conviction that Egypt today represents a real and tangible opportunity for the European business community, and not just a geographically close partner, President Sisi said.
He also stressed that the need to restructure supply chains in the two regions is more urgent than ever, in light of global trade challenges, energy crises and maritime security fluctuations, noting that Egypt can be the industrial and technological ally that Europe needs to secure its supplies, diversify its sources and enhance its competitiveness at the international level, the presidency spokesman said.
The president called for establishing an investment partnership based on mutual benefits, noting that Egypt offers genuine opportunities in strategic sectors such as pharmaceuticals and vaccines, traditional and electric vehicle manufacturing, fertilisers and petrochemicals, new and renewable energy – especially green hydrogen – semiconductors and artificial intelligence, defence industries, and logistical and transport infrastructure.
Sisi also affirmed Egypt’s keenness to maintain continuous dialogue with the European business community to understand its aspirations and overcome any challenges that may hinder its investments.
“I invite you to look at Egypt not only as a promising consumer market, but as a reliable production partner – one capable of hosting European production lines that serve both global and European markets efficiently and at competitive costs,” President Sisi said.
