In an important strategic move that solidifies Egypt’s position on the international economic stage, Cairo organised recently the Egyptian-European Investment Conference – with the participation of a wide range of European companies and investors, led by the World Bank.
Held under the patronage of President Abdel Fattah El Sisi and President of the European Commission, Ursula Von der Leyen, the conference was a major event that showed Egypt’s growing importance as a reliable partner of the EU and the complementary nature of Egyptian and EU interests.
The event marked the start of a multi-staged plan for bolstering co-operation between Egypt and the EU.
A number of major investment agreements were signed by the two sides in key areas that hold immense potential for spurring economic growth and employment, such as the communications and information technology sector, manufacturing, clean and renewable energy, tourism and the circular economy.
The conference was a real opportunity for European countries and economic entities to explore potential investment opportunities in Egypt, strengthening the Arab country’s position as a major investment player in the region.
The EU is already Egypt’s largest trade partner, with the total volume trade between the two sides reaching $31.2 billion last year.
Additionally, the value of investments by EU countries in Egypt recorded $8.2 billion during the FY 2022/2023, compared to $3.2 billion during the FY 2021/2022.
Given its strategic location and diversified economy, Egypt is considered an attractive investment hub for the EU countries.
President Sisi said the conference would help Egypt become a regional hub for supply chains for European companies and a centre for transferring and circulating renewable and green energy.
Von der Leyen, for her part, said Egypt’s goal of becoming a clean energy hub in the region is also in the EU’s interest.
The conference sent a powerful message of confidence and support from the EU about the Egyptian economy.
The participation of major European countries in this event also highlighted their commitment to supporting the Egyptian economy via direct investments, technology, and technical expertise that can contribute to stimulating economic growth and enhancing the competitiveness of Egyptian companies at the international level.
Mohamed Fahmy is the editor-in-chief
of The Egyptian Gazette and
Egyptian Mail newspapers
