Egypt’s President Abdel Fattah El Sisi has stressed that relations between Egypt and the European Union have been growing positively in all fields of cooperation.
This came in his speech at the opening of the Egypt-EU Investment Conference, which kicked off at Al Manara International Conference Center in New Cairo on Saturday.
The opening ceremony was also attended by President of the European Commission Ursula von der Leyen.
“The relations between Egypt and the European Union have witnessed positive development across various fields of cooperation. This progress was crowned with the signing of the political declaration to elevate the relationship between both sides to the level of strategic and comprehensive partnership in March,” Sisi said.
“We are gathered for the second time, in a short span of time, to witness the convening of the Egypt-EU Investment Conference 2024, which represents the initial step towards the elevation of relations and also reflects the commitment of Egypt and the European Union to moving beyond the stage of pledges to the stage of implementation,” Sisi said.
The President pointed out that the strategic partnership between Egypt and the European Union included six axes, on top of which was the axis of investment.
Sisi stressed that both sides are committed to enhancing cooperation across various priority economic sectors, including trade, energy, infrastructure, sustainable transportation, agriculture, food security, digital transformation, water security, water and sanitation networks as well as Small and Medium and Micro-sized Enterprises.
President Sisi said the estimated European investments in these sectors are expected to hit approximately 5 billion euros, in addition to investment guarantees worth 1.8 billion euros for the private sector.
These investments will contribute to luring more foreign direct investments and enabling the European business community to benefit from the investment potential in Egypt, he said.
“At the same time, it shall strengthen the position of the European Union, being the Egyptian economy’s most prominent trade and investment partner,” the president said.
President Sisi thanked the President of the European Commission for her efforts to elevate relations with Egypt, stemming from her belief in the centrality of Egypt’s role as a major strategic partner of the European Union in the region, also in a way that reflects “the strength of our bilateral relationship, particularly in critical times that the global economy is going through.”
Sisi stressed that the conference is held at an extremely critical time, in light of the successive international and regional crises that have cast a very negative shadow and multiple challenges and economic burdens on all countries at various levels.
“This requires continuous support and coordination between Egypt and its partners in Europe to sustainably address these challenges, especially after Egypt has proven that it is a reliable partner in facing common challenges and in a way that achieves security and stability in our regional neighborhood.
Egypt is taking steady and rapid steps on the path of change and reform for a more sustainable economy. In its pursuit to achieve that, the State has undertaken a number of reforms to further empower the private sector, increase the competitiveness of the Egyptian economy, support the green transition, and mobilize foreign direct investment,” the President said.
He added that the conference will give European countries and economic entities the opportunity to explore the available investment potential in Egypt, especially in areas that stimulate economic growth and employment, such as the sector of communications and information technology sectors, manufacturing industries, clean and renewable energy production and the circular economy.
“This is in addition to promoting Egypt as a regional hub for supply chains for European companies and a hub for the transfer and trade of renewable and green energy, in light of Egypt’s geographic proximity and strategic location, as well as shedding light on areas that attract investment in Egypt, such as the Suez Canal Economic Zone,” Sisi said.
The President stressed that the organization of the conference is “a message of confidence and support” from the European Union for the Egyptian economy and the economic reform measures that have been implemented over the past ten years.
“The State is keen to continue implementing them during the coming period, reflecting the success of these steps and confirming Egypt’s ability and will to overcome economic challenges and to move forward with the implementation of the comprehensive development plan,” President Sisi said.
The President welcomed all attendees at the conference, voicing hope that the event can contribute to strengthening cooperation between Egypt and the EU.
“I welcome you again and I look forward to witnessing a successful and fruitful conference that achieves tangible results that enhance economic cooperation between Egypt and the European Union and contribute to increasing the flow of European investment to the Egyptian market and therefore achieve prosperity, security and stability for our peoples and countries,” President Sisi added.
