Trade exchange between Egypt and France reached €1.546 billion ($1.82 billion) in the first eight months of 2017, marking an increase of 12 percent from the €1.38 achieved during the same period last year, Trade Minister Tarek Kabil said on Wednesday.
The minister’s statement came during the meeting of the Egyptian-French Business Council, held in Paris in the presence of a delegation of Egyptian businessmen, Chairman of the Egyptian-French Business Council Fouad Younes, General Consul of Egypt in Paris Sérénade Soliman Gamil, Chairman of the Egyptian Trade Office in Paris Jamal Faisal, and a number of French businessmen headed by Régis Monfront.
Kabil said that the government was keen on attracting more French investments to the Egyptian market so that they can benefit from the available investment opportunities as well as Egypt’s distinct location that will enable French investments enter Arab and African markets.
Kabil added that French investments in Egypt amounted to €4 billion by the end of 2016, which was distributed in 458 projects in a number of industrial and agricultural sectors, including information technology, construction, new and renewable energy, transport, communications, banking, aviation, water treatment, infrastructure projects and tourism.
He also stated that Egyptian exports to France rose from €332 million in 2016 to €401 million in 2017.
Kabil explained that increasing the meetings between the officials of the two countries aims to pave the way for a new phase and a leap in the economic and trade relations between Cairo and Paris.
Monfront asserted the importance of holding this meeting in the framework of President Abdel Fatah al-Sisi’s current visit to France.
He asserted that Egypt represents a promising investment market for French investors and a focal point for the entry of French products to the Arab and African markets.
French investors are keen to be introduced to all available investment opportunities, especially in light of the positive developments in the Egyptian economy, Monfront added.
Younes pointed out that the council seeks to develop and strengthen the presence of French investments in the Egyptian market during the next phase by attracting the largest French companies to invest in Egypt, especially in the fields of new and renewable energy, sustainable cities and the automotive industry.