French economists say Sisi visit to Paris would enhance partnership with Africa

PARIS – Egyptian President Abdel Fattah El Sisi is set to visit France this week to attend the Summit on Financing African Economies, which, according to economists here, will help give partnership between the two countries a shot in the arm.

The partnership with the whole continent will blossom especially after the African free trade agreement has gone into effect, French experts believe.

In statements to MENA Sunday, a number of French economists talked about possible fields of cooperation with Egypt, including banking, financing, communications, automotive industry, pharmaceuticals, construction, energy, transport and tourism.

One economic expert hailed as “dynamic” ties between Paris and Cairo, with trade exchange and joint investments tangibly increasing over the past few years.

He expected trade relations between the two sides to further flourish in the coming stage thanks to economic and financial reforms implemented in Egypt.

A number of French companies have shown big interest in investing in Egypt and African countries, said the CEO of one such firm.

Slated for Tuesday, the Summit on Financing African Economies will be a good chance for Paris to boost economic relations with the continent, especially in terms of infrastructure, communications, energy and transport, he added.

Indeed, French investments in Egypt have contributed to securing thousands of jobs for youth, he made it clear.

Another French economist said that the upcoming summit aims to enhance cooperation with Africa to better face repercussions of the coronavirus pandemic and to support small and medium-sized enterprises (SMEs) in the continent.

The volume of French investments in Egypt has reached some 5 billion euros, with more than 165 French companies operating in the African country.

The aim of the summit is to put in place financial resources capable of reviving the economy of the continent, which has seen only 130,000 deaths from Covid according to official figures, but whose GDP should experience its first recession in 25 years in 2021.

The summit is meant to attract liquidity in Africa to the public and private sectors.