The French ambassador to Egypt, André Parant, estimated the size of French investments in Egypt at €3.6bn.
During the French Investment Conference organised by Ahram Hebdo, Parant stated that about 160 French investors have been working in Egypt across different economic sectors.
He noted that French investments in Egypt include investments in the industry, services, telecommunications, infrastructure, logistics, tourism, food, and pharmaceuticals sectors.
Moreover, he said that possibilities of development in Egypt are high, considering the many opportunities for growth in this expansive market, especially following the decisions recently taken by the government as part of the economic reform programme.
Parant added that French companies operating in Egypt are keen to increase their investments, highlighting Total’s recent acquisition of a distribution company in a deal worth $200m. He pointed out that Danone also acquired an Egyptian dairy manufacturer, and that Orange has obtained the 4G service licence.
He described the economic measures taken by the government, topped by the Egyptian pound’s flotation, as positive.
He predicted that these actions will contribute to attracting new foreign investment in general, and French in particular, in the near future.
He noted that the Egyptian market is important for many French companies that aim to penetrate emerging markets, adding that some companies consider Egypt a hub for exporting to Africa and Gulf countries.