The Egyptian Cabinet announced today, Sunday, that 29 agreements and memoranda of understanding worth 49 billion euros have been signed with companies affiliated with the European Union. Additionally, 6 agreements and memoranda of understanding worth 18.7 billion euros have been signed with other alliances and companies. These agreements represent a significant boost to the Egyptian economy and reflect growing confidence in the government’s economic reform program.
Signing of Agreements and Memoranda of Understanding
The signed agreements encompass a wide range of investment projects covering various sectors such as energy, transportation, technology, and agriculture. This collaboration aims to strengthen economic relations between Egypt and the European Union and create new investment opportunities that contribute to sustainable development.
Speech by the Egyptian Prime Minister
In his speech during the closing session of the Egyptian-European Investment Conference, Egyptian Prime Minister Dr. Mostafa Madbouly emphasized that this conference reflects Egypt’s deep belief in the importance of addressing current economic challenges through a serious economic reform program. He explained that the program focuses on addressing structural imbalances in the Egyptian economy while considering social dimensions to ensure comprehensive and sustainable development.
Addressing Economic Challenges
Madbouly stated, “Despite the undeniable repercussions of regional and international crises on Egypt and many other countries, the Egyptian economic reform program, which began before these crises, notably the Corona crisis, has strived to absorb and mitigate these crises as much as possible.” He affirmed that the program aims to support the role of the private sector by implementing the State Ownership Policy Document and attracting foreign direct investments to the Egyptian economy.
Deepening Partnership with the European Union
The Prime Minister stressed Egypt’s efforts to deepen the existing partnership with the European Union through this conference. He highlighted that one of the primary goals of the conference is to support cooperation between the private sector on both sides, noting that this cooperation is an essential part of the economic reform program and contributes to economic growth and stability.
The signing of these agreements is a significant step toward enhancing economic relations between Egypt and the European Union. These partnerships are expected to support the Egyptian economy and create new investment opportunities that promote sustainable development. The Egyptian-European Investment Conference serves as an important platform to enhance economic cooperation and explore mutual growth opportunities.
