Director of Business France Agency in Egypt Philippe Garcia applauded on Sunday Egypt’s economic reform policies, describing them as both “promising and effective”.
These policies have created a conducive investment environment for French companies, added Garcia, the new French commercial counselor in Cairo.
In special statements to MENA ever since he assumed his duties in Egypt, Garcia shed light on the volume of trade exchange between both countries, which recorded €2.5 billion in 2018, with French exports registering €1.7 billion.
However, the trade volume surged during the first quarter of FY 2019/2020 to reach €1.3 billion, hitting a remarkable 23.5 percent increase, Garcia noted.
This increase is partially attributed to a recovery of French wheat exports to Egypt, he added.
Speaking of French investments in Egypt in light of the mega national projects under construction, such as the New Administrative Capital and the Suez Canal Corridor, Garcia said that as many as 160 French companies are doing business in Egypt, especially in the transport, construction, energy, tourism and communication sectors.
Garcia noted that French investors are very keen on increasing their investments in Egypt, especially in mega-state projects, lauding the economic growth Egypt has been witnessing, which exceeded six percent.
He further revealed that preparations are underway for an Egyptian-French business forum to be organized by his corporate in cooperation with Al-Ahram Hebdo weekly newspaper.
The event, Cairo will host on April 1, 2020, will see heavy participation by representatives of French companies.