Prime Minister Moustafa Madbouli on Wednesday hailed the renewal of a financial co-operation protocol with Spain worth €400 million.
Addressing the Egyptian-Spanish businessmen forum, he said the agreement would encourage Spanish companies to develop their partnership with Egypt, promote development efforts and proceed with a clear vision for economic growth and joint co-operation.
The prime minister described the forum as a chance to promote co-operation between the two countries and welcome Spanish Prime Minister Pedro Sánchez and his accompanying delegation, who arrived in Cairo last night.
The prime minister said he is convinced that the partnership would help companies and institutions in both countries to play a role in development through investment and joint projects benefiting both sides, stimulating real economic growth and providing job opportunities for upcoming generations.
“I realise that there is a great responsibility on our shoulders as governments have to consolidate and develop this partnership and remove any procedural obstacles that may impede its implementation,” Madbouli said.
Madbouli voiced his appreciation for efforts by the General Federation of Egyptian Chambers of Commerce in organising this forum, in coordination with the Egyptian Ministry of Foreign Affairs and the Spanish Embassy in Cairo.
“Egypt has made great strides in shoring up its economy thanks to the economic reform measures executed over the past six years,” Madbouli added.
“These measures have had a great effect in removing difficult obstacles to economic growth and attracting foreign investments,” he said.
The prime minister went on to say that the Egyptian government has taken a raft of measures to combat corruption, remove bureaucratic obstacles, and facilitate procedures related to registering new companies wishing to work in the Egyptian market.
The Egyptian government, Madbouli went on to say, has granted investors and the business community a set of tax and investment concessions, thus contributing to achieving development goals set by the state, as well as working to activate the mechanism for resolving existing disputes with some companies operating in Egypt.
Prime Minister Madbouli invited Spain’s private sector to explore major investment opportunities available in the Suez Canal Economic Zone (SCEZone) and New Administrative Capital and other fourth generation cities.
The prime minister hailed strenuous efforts exerted by the two countries in reaching a final settlement in the case of Unión Fenosa in 2020.
Egypt has been working over the last few years to secure diverse sources of energy necessary for development, through various giant projects to establish conventional, renewable and nuclear energy plants, Madbouli said.
Egypt has also moved rapidly over the past years to stimulate the economy according to a clear, specific and practical vision based on an economic roadmap, in addition to carrying out necessary structural reforms, and addressing accumulated problems neglected over previous decades.
The premier said that Egypt managed to withstand the difficult repercussions caused by the coronavirus pandemic, becoming one of the few countries in the world that achieved positive economic growth rates of 3.3 per cent during fiscal year (FY) 2020-2021 and expects to increase during FY2021-2022.
He stressed the Egyptian government’s keenness to strengthen bilateral relations with Spanish side in various fields, and to work for the success of the existing co-operation projects, including a project with Talgo in transport, a project with Grifols in plasma assembly and manufacture, and a co-operation project with Siemens Gamesa in wind power generation.
The prime minister expressed his appreciation for existing co-operation with the Spanish Agency for International Development Co-operation (AECID) in the areas of social and economic development in Egypt, especially benefiting from the Spanish expertise in greenhouses, irrigation and rationalising water use.
He said that his government is eager to develop this co-operation in a manner consistent with the needs of the Egyptian people, notably infrastructure projects and schemes under ‘Decent Life’ presidential initiative for the development of the rural areas across the country.
The prime minister said that Egypt welcomes the Spanish side as a partner in its march towards development, and looks forward to doubling trade and economic exchange between Cairo and Madrid with the aim of building a better future for the two peoples.
The Egyptian-Spanish Business Forum kicked off yesterday, under the co-chairmanship of the prime ministers of the two countries.
Several ministers from both countries are also attending the forum.
The Spanish prime minister, leading a high-ranking delegation, is currently on an official two-day visit to Egypt.
The delegation groups the Spanish trade minister, as well as a number of government officials and representatives of major companies.
During the visit, a number of memorandums of understanding and co-operation protocols are expected to be signed in the economic, trade and culture domains.
