France-Egypt trade exchange records €2.6 billion in 2014

The trade exchange between Egypt and France reached €2.6 billion in 2014, 2.8 percent higher from 2013, Head of Egyptian-French Business Council Fouad Younis revealed Tuesday.

Younis told Amwal Al Ghad that the volume of Egyptian exports to the French market recorded one billion euros in 2014, making 13.5 percent decline, while the French exports to Egypt have increased 17.2 percent to hit €1.6 billion.

France is Egypt’s tenth biggest importers, Younis said. In fact, Egypt represents a MENA top market for France.

The Egyptian official added that France was the fifth largest foreign investor in the Egyptian market during 2013-2014 with investments worth US$347 million.

According to the French embassy in Cairo, the direct French investments hit €3 billion.

Younis said Egypt is the third state to receive French direct investments in the Middle East and North Africa following Morocco and turkey.

He clarified that there are 140 French companies working in the Egyptian market providing around 33,000 job opportunities.

The 140 French firms are working in Egypt in different sectors: banking, tourism, aviation, marine, wireless communication, retail, energy, environment, building materials, pharmaceutical, cosmetics, automotive and agricultural products.

Moreover, Younis said France is a key supporter for Egypt’s infrastructure, notably its Cairo Metro Project in which France has pumped around €2 billion in financial aids since 1980.