Minister of Investment and Foreign Trade Mohamed Farid affirmed that Egypt is continuing to implement its economic reform programme to improve the business environment, enhance economic competitiveness and attract further investment in priority sectors, stressing that renewable energy and green industries remain key drivers of growth and exports.
These remarks came during the minister’s meeting with Ambassador of the Kingdom of Norway to Egypt Erik Husem, Chief Executive Officer of Scatec Terje Pilskog and Vice President of Scatec for the Middle East and North Africa Mohamed Amer in the presence of Chief Executive Officer of the General Authority for Investment and Free Zones Mohamed Awad.
The meeting formed part of efforts to strengthen partnerships with major international companies and attract high-quality investments.
Discussions reviewed Scatec’s projects in Egypt in renewable energy, wind power, energy storage, green hydrogen, green ammonia and water desalination, in addition to opportunities for expansion in data centres and clean energy projects.
Company officials noted that Scatec’s investments in Egypt currently stand at approximately $5 billion, with plans to inject an additional $5 billion over the next two years in renewable energy, water desalination and data centre projects.
For his part, Minister Farid highlighted Egypt’s potential to become a regional hub for clean energy and digital services, supported by its strategic location, advanced infrastructure and extensive free trade agreements.
He added that investments in green hydrogen, clean energy and data centres would be among the principal engines of growth during the coming period.
The minister reaffirmed the government’s commitment to providing a competitive investment environment, supporting investors and promoting the use of renewable energy certificates to accelerate the transition towards a green economy and strengthen Egypt’s position as a regional hub for investment, production and exports.
