France keen to encourage investment in Egypt, boost bilateral cooperation: Le Maire to Sisi

MENA , Ahram Online , Friday 12 Nov 2021

French Minister of Economy and Finance Bruno Le Maire stressed to Egyptian President Abdel-Fattah El-Sisi France's keenness on encouraging investments in Egypt, boosting strategic cooperation, with the aim of providing Cairo with all advanced technologies in all fields.

Sisi-Le Maire
French Minister of Economy and Finance Bruno Le Maire meets with Egyptian President Abdel-Fattah El-Sisi in Paris on 12 November, 2021. (Photo courtesy of the Egyptian presidency)

Le Maire, who met El-Sisi on Friday ahead of of the Paris Conference on Libya later today, said his country is encouraging French companies to invest in Egypt within the framework of pushing up the development process in Egypt.

The minister lauded recent measures adopted by Egypt to create an attractive climate for foreign investments, including facilitating government procedures and licenses related to investment, and encouraging the private sector to participate in many projects, Egyptian Presidential Spokesman Bassam Rady said.

France has sizable investments in Egypt, with about 160 French companies operating in the Egyptian market in various fields.

According to the French Chamber of Commerce in Egypt, the volume of French investments in Egypt exceeds 5 billion Euros, while the volume of trade exchange between the two countries reaches 3 billion Euros annually.

The Egyptian president expressed his appreciation for efforts by the French Ministry of Economy and Finance in the field of boosting joint economic cooperation especially in light of the current investment opportunities in Egypt.

He also expressed hope that joint cooperation would extend to new sectors, including the mega national projects in Egypt such the Decent Life initiative, a series of countryside-focused national infrastructure projects, as well as national transport projects and  other projects in the education, health and energy fields, added the spokesman.

El-Sisi called on French companies to participate in the investment projects offered in in the Suez Canal region and to benefit from the special merits offered by the state in that region.

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