EU-Egypt bilateral trade records €20.6b in 2016

The European Union is Egypt’s biggest trade partner since the trade volume between Egypt and European Union states was doubled to €20.6 billion in 2016.

Chargé d’ Affaires a.i. of the EU Delegation to Egypt, Reinhold Brender stated Thursday that the EU welcomes the strategy of Egypt’s trade ministry for enhancing industrial development and foreign trade until 2020.

The official made these remarks during the expanded conference in which Egyptian Minister Tarek Qabil announced the axes of the strategy.

Brender added that the EU is committed to keep supporting industry ministry in implementing the strategy through its programme that aims at enhancing trade and local markets.

The EU would also provide support to enhance Small- and Medium-sized Enterprises (SMEs), the official said, pointing out to the necessity of deepening cooperation between the ministry and the private sector.

Brender urged Egyptian businessmen to work on achieving comprehensive growth in the Egyptian economy, adding that implementing the strategy would attract new investments.

He noted that the framework of the strategy would build up expectations and anticipations of attracting investments into  Egypt.

The total volume of EU investments flow increased to 21 percent ,i.e. around US$8 billion, despite the challenges facing Egyptian economy, representing 60 percent of the total foreign investments in Egypt.

About the budget deficit, Brender clarified that it would be changed within the coming years since the strategy focuses on raising Egyptian exports.