Egypt, Switzerland officially launch ESBC to spur trade, economic ties

The Egyptian-Swiss Business Circle (ESBC) has been officially established, creating a new platform to enhance bilateral economic and trade cooperation, as per a statement from the Egyptian Ministry of Foreign Affairs on Tuesday.

The announcement came during a high-profile event hosted by Egyptian Ambassador to Switzerland, Mohamed Negm, in Bern.

The ESBC is modeled after the Swiss-Egyptian Chamber of Commerce in Cairo and aims to foster stronger business relations, facilitate investment opportunities, and support private-sector engagement in both countries, the statement added.

Egypt’s Ambassador to Switzerland, Mohamed Negm emphasised the critical role of ESBC in strengthening economic ties, particularly ahead of the first Joint Economic Committee meeting between Egypt and Switzerland. He highlighted the importance of private-sector collaboration, noting that despite geographical and structural differences, there is significant potential for economic growth between the two nations.

Egypt: Switzerland’s Top Trade Partner in Africa

Egypt stands as Switzerland’s leading trade partner in Africa and the largest destination for Swiss exports on the continent. According to 2023 estimates, bilateral trade between the two countries reached 1.26 billion Swiss francs, the statement read.

Meanwhile, Switzerland also ranks as Egypt’s seventh-largest foreign investor, with direct Swiss investments totaling approximately $1.2 billion, as per 2023 estimates. More than 100 Swiss companies operate in Egypt, creating over 25,000 jobs, particularly in energy, pharmaceuticals, and the food industry.

Attribution: Amwal Al Ghad English