French investments in Egypt worth $1.3bn- industry minister

The total volume of French investments in Egypt reached around US$1.3 billion in a number of sectors notably industry, finance, in addition to communication and information technology.

Egyptian Trade Minister Tarek Qabil said Monday that France is the twelfth largest investor in the Egyptian market and the fourth among EU states.

The minister clarified that strategic partnership is a solid core at strengthening mutual commercial and economic relations  between Egypt and France.

He made these remarks during his speech at the Egyptian-French Business Forum.

Qabil added that French President François Hollande’s visit to Egypt emphasises the keenness of two leaders to upgrade mutual relations.

Sisi and Hollande inaugurated Monday the Egyptian-French forum Monday with the participation of more than 70 French firms as well as a massive number of Egyptian companies. The forum is organised by the Egyptian-French Business Council in cooperation with  French Chamber of Commerce and Industry in Egypt.

Minister Qabil noted that Egypt’s government signed loan agreements of €494 million with recently its French counterpart and French Development Agency (AFD) to enhance employment and fund small and micro-sized enterprises. In addition, the agreements targeted funding carriages and trains for third and fourth phase of Egypt’s Metro line 3 as well as delivering natural gas for homes.

France’s trade exchange with Egypt increased in 2015 to €2.6 billion to be Egypt’s third important partner among EU states, the minister pointed out.

He invited French business sector to pump more investments into the Egyptian market and make use of the available opportunities .

Qabil added that there are many prominent investment opportunities available in different sectors notably; food industries, building materials, furniture, pharmaceutical and chemicals, land reclamation, in addition to power projects.