Egypt’s Minister of Trade and Industry Ahmed Samir met Sunday with Ambassador of the European Union, EU, in Cairo, Christian Berger to discuss ways to enhance bilateral economic cooperation during the coming period.
Since the EU is Egypt’s largest trading partner, the minister claimed that Egypt and the EU have solid links built on a long history of productive collaboration between governments, business groups, and economic circles.
Samir revealed that there are lots of excellent prospects to grow and improve the two parties’ current cooperation.
In light of the recent Egyptian government initiatives to support the country’s private sector and prepare the business environment, particularly in light of the Covid-19 pandemic and the Russian-Ukrainian crisis, he explained that the meeting would focus on these initiatives as well as the state’s announcement of its state ownership document and competitive neutrality strategy.
In order to encourage European businesses to make fresh investments in the Egyptian market and take advantage of the incentive programs the Egyptian government offers to lure in foreign investment, the minister noted that the two sides had agreed to step up their communication over the upcoming period.
The discussions covered the prospect of hosting a business forum in Egypt with participation from business federations and chambers of commerce from both sides to introduce the business climate and environment in Egypt as well as the investment opportunities available on the Egyptian market, in collaboration with the Ministry of Trade and Industry.
Samir continued, saying that Egypt wants to take advantage of the African Continental Free Trade Agreement to become a hub for the production of European goods and their access to African markets, as well as cooperation with the European side within the context of Egypt’s recently unveiled strategy to develop the automotive industry, particularly electric cars.
As one of the most significant partners of the EU in the region and given Egypt’s position as a key link in the regional supply chains, Ambassador Berger reaffirmed the Commission’s desire to strengthen the economic and political cooperation relations with Egypt. He also praised Egypt’s efforts to improve the business environment and increase the participation of the private sector in the local economy.
According to Berger, the EU is eager to expand its partnership with Egypt so that it can serve as a hub for the continent’s vaccine industry. It also wants to expand its collaboration in the area of renewable energy in general, particularly green hydrogen.