Sisi discusses expanding French investments in Egypt with France's economy minister

Ahram Online , Wednesday 19 May 2021

President Sisi stressed the importance of localising industry and the transfer of technology in all joint ventures with the French side

President Abdel-Fattah El-Sisi and French Minister of Economy  Bruno Le Maire
Egypt's President Abdel-Fattah El-Sisi and French Minister of Economy and Finance Bruno Le Maire during their meeting at the Egyptian President resident in Paris on Wednesday, May 19, 2021. Photo courtesy of Spokesman of the Egyptian Presidency Facebook page

Egypt's President Abdel-Fattah El-Sisi discussed on Wednesday with the French Minister of Economy and Finance  Bruno Le Maire the prospects for maximising France's investments in Egypt, as well as efforts to expand the activities of some of its existing ventures.

The Egyptian president held the talks with Le Maire at his residence in Paris, according to Presidential Spokesperson Bassam Rady, 

El-Sisi, who has been on a visit to France since Sunday upon an invitation from French President Emmanuel Macron, took part in the Paris Conference to support the Sudanese transition and a summit on financing African economies that were held on 17 and 18 May, respectively.

El-Sisi also held a trilateral summit with Macron and the King of Jordan Abdullah II to discuss means to reach a ceasfire in the Palestinian territories.

The Egyptian president expressed during his meeting with Le Maire his appreciation for the efforts of the French economy and finance ministry in the field of strengthening economic and trade relations between the two countries, the statement said.

In this regard, El-Sisi reviewed the investment incentives associated with the developing business climate in Egypt, in addition to the huge investment opportunities for the French business sector in Egyptian national projects, especially in the transport, energy, water, and health sectors.

France has sizable investments in Egypt, with about 160 French companies operating in the Egyptian market in various fields, Rady noted in previous TV statements.

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.

El-Sisi, the statement adds, stressed the importance of localising industry and the transfer of technology in all joint ventures with the French side.

Meanwhile, the French minister affirmed his country's interest in strengthening joint cooperation between the two countries with the aim of providing advanced technology to Cairo in all fields, in addition to encouraging French companies to work and invest in Egypt within the framework of contributing to the advancement of the comprehensive development process underway.

Le Maire stressed that French interest in expanding investments in Egypt comes in light of the positive economic developments that the country has been recently witnessing, including creating an attractive environment for foreign direct investments, taking serious steps forward to facilitate government procedures and licenses related to investment, and encouraging the private sector to participate in many projects.

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