President El-Sisi said this Wednesday in a meeting with Spanish business leaders and senior officials during his visit to Madrid.
The president highlighted Egypt's strategic free trade agreements with Arab and African nations to stimulate exports and facilitate commerce.
The meeting followed the signing of a joint declaration elevating Egyptian-Spanish relations to a strategic partnership focused on strengthening economic, trade, and investment cooperation.
Both sides agreed to initiate a joint economic dialogue to increase Spanish investments in Egypt and enhance bilateral trade.
El-Sisi added that the Egyptian state is exerting every effort to attract more foreign direct investment (FDI), primarily Spanish investments.
"Egypt has the capabilities and potential that make it a promising market for foreign investments," the president said, according to a presidential statement.
Moreover, he underscored the country’s significant infrastructure developments over the past decade, including roads, railways, ports, and airports.
He also noted that Egypt has a natural resources wealth, a young and qualified workforce, and diverse investment fields.
In addition, he said the government offers incentives to investors and has undertaken legislative reforms to improve the business environment in Egypt.
Encouraging Spanish investment
President El-Sisi also called on Spanish businesses to take advantage of the diverse investment opportunities in the Suez Canal Economic Zone (SCZone), particularly in renewable and green energy.
He emphasized Egypt’s interest in forming a strategic partnership with Spain to help meet the European Union’s demand for green hydrogen.
Furthermore, he highlighted investment prospects in key sectors such as automotive manufacturing, pharmaceuticals, and logistics.
El-Sisi noted that the SCZone’s prime geographical and logistical position "makes it a hub for production and re-export of products to various countries, particularly those with which we share free trade agreements."
The president clarified that Egypt is ready to consider partnerships in productive sectors, small and medium-sized enterprises, and key industries such as energy, water desalination, agriculture, fish farming, fertilizers, textiles, naval shipyards, communications, and tourism.
He also announced that Cairo would host a meeting for the Egyptian-Spanish Business Council this year, coinciding with the visit of the Spanish king.
El-Sisi hoped that this Cairo joint council would lead to an Egyptian-Spanish investment conference during the upcoming bilateral summit.
Short link: