French investments in Egypt amount to €7b – minister

Egypt has attracted €7 billion in French investments, distributed across 180 projects in sectors such as manufacturing and telecommunications, creating around 50,000 jobs. Minister of Investment and Foreign Trade, Hassan El-Khatib, announced this during the Egyptian-French Business Forum in Paris on Monday.

El-Khatib emphasised France’s key role as a major economic partner in Egypt’s sustainable development. He noted that French companies are significantly involved in Egypt’s growth, with the forum following the Egypt-European Union Investment Conference 2024, held in Cairo last June.

During that conference, Egypt and its European partners signed 20 deals totaling €40 billion, covering green hydrogen, water management, chemicals, shipping, aviation, and automotive sectors.

El-Khatib underscored Egypt’s continued appeal to global and French investors, positioning the country as a vital industrial and export hub for African, Middle Eastern, and European markets.

Egypt, recognised by UNCTAD, remained Africa’s top investment destination in 2023, with foreign direct investment peaking at $46.1 billion during the 2023/2024 fiscal year in non-petroleum sectors.

The forum took place amid rising global economic challenges, further highlighting the importance of strengthening economic ties between Egyptian and French businesses to unlock new investment opportunities for mutual growth.

Attribution: Egyptian Cabinet

Subediting: M. S. Salama