Egyptian Prime Minister Mostafa Madbouly met with leaders of the French Chamber of Commerce and Industry and representatives from prominent French companies operating in Egypt on Monday. The meeting focused on current and future projects, investment plans, and proposals to expand French investments in the country.
French investments in Egypt have already reached $7.2bn through 940 companies, covering sectors such as infrastructure, banking, insurance, energy, transportation, and communications. Madbouly emphasised the “historical and strategic” relationship between Egypt and France and praised the distinguished trade relations between the two countries.
The Prime Minister outlined recent legislative measures taken by the Egyptian government to enhance the investment climate and create an attractive business environment, including incentives provided under the Investment Law.
He encouraged further investment in promising sectors such as transportation, particularly subway projects, and the localisation of train and railway car manufacturing. He also highlighted opportunities in the electric car industry and noted ongoing negotiations with international companies to localise railway-related industries.
During the meeting, officials from the French Chamber of Commerce and Industry emphasised their commitment to strengthening trade and investment ties between the two countries. They announced that France will host an Egyptian-French Business Forum in the coming months to support and enhance Egyptian exports to France.
Representatives from French companies discussed their current projects in Egypt and their aspirations to further invest in the oil and gas sectors, green hydrogen, and the localisation of pharmaceutical industries and vaccines.
French banks expressed their commitment to expanding in the Egyptian market and their readiness to finance energy transition projects and clean and electric cars.
Saint-Gobain Egypt for glass announced plans to invest €300m in Egypt over the next three years, with €200m already approved. This includes a proposal to establish a factory in Sadat City with 100% foreign direct investment.
Several companies expressed their commitment to participate in the upcoming joint Egyptian-European investment conference, scheduled for June 29th and 30th in Cairo.
Prime Minister Madbouly welcomed the fruitful discussions and requested that all proposals and requests be submitted in writing for further review by relevant authorities. He also confirmed that the export support system will be fully automated by July.
The meeting concluded with a commitment from both sides to continue strengthening trade and industrial relations between Egypt and France.
