French companies will continue expanding their investments in Egypt, said the French Minister of State, attached to Ministry of Economy and Finance, Agnes Pannier-Runacher, during the economic forum held on Monday with the Ministry of Investment and International Cooperation in Cairo.
The minister affirmed that French firms in Egypt made a success story, explaining that Orange increased its investments in Egypt with about €750m, allocated for youth training, and supporting entrepreneurship and innovation.
Schnider also increased its capital with €20m which created more job opportunities, Pannier-Runacher said, adding that Schnider’s factory in Badr City is the biggest of its kind in the world.
Meanwhile, Lactel announced investing about €55m for expansion in the Egyptian market.
France is one of the largest investors in Egypt, with total investments over €5bn, and the number of French companies operating in Egypt reached 160 companies, the minister said.
“French investments in various sectors, especially infrastructure, transport, industry, renewable energy, information technology, and financial sectors,” she mentioned.
Since the ratification of the new Investment Law, the volume of French investments has been doubled, with the current investments reaching $2bn. French companies pay special attention to corporate social responsibility, getting involved in various initiatives, such as supporting innovation and entrepreneurship, and empowerment of women.
At the end of the forum, about 32 agreements were signed including cooperation protocols, memorandums of understanding, letters of intent, and investment contracts in the fields of renewable energy, transport, health, social protection, catering, entrepreneurship, telecommunications, SMEs, and car technology.
The Minister of Investment and International Cooperation, Sahar Nasr, said the French President Emmanuel Macron’s visit to Egypt reflected the deep and strategic relations between the two countries.
“These relations are currently witnessing key development in all fields, with the constant care and concern of the political leadership of both countries for continued constructive cooperation,” the minister mentioned, adding that the signed agreements with France are worth €1.6bn.
Nasr stressed that the government is doing its best to provide an attractive investment environment for foreign businessmen, affirming that the government valuates the pivotal role of the private sector for achieving development and creating new jobs.
“We look forward to attracting more French investments in the priority sectors. We also aim at the participation of French companies in future projects that create a plenty of jobs, such as smart cities, electronic payment, infrastructure, health, education, scientific research, industry, and SMEs,” she concluded.