French finance min. lauds Egypt's economic reform program

CAIRO – 21 January 2019: French Minister of Economy and Finance said he is aware of the important steps Egypt has taken towards achieving its economic reform program, adding that these steps have highly contributed to improving the country's economic situation and competitiveness.

Egypt's Prime Minister Mostafa Madbouly received on Sunday French Minister of Economy and Finance Bruno Le Maire and his accompanying delegation in preparation for the upcoming visit of French President Emmanuel Macron to Egypt.




Egypt's PM received Bruno Le Maire in preparation for the upcoming visit of French President Emmanuel Macron to Egypt – Egypt Today


The meeting was attended by Egypt's ministers of electricity, finance, trade and industry, and the French ambassador to Cairo.

The French minister said that Macron's visit will witness the signing of a number of agreements and memoranda of understanding in various fields. The visit will also discuss ways to strengthen bilateral cooperation in several areas, including electricity, health, air, and transport, the minister added.

Le Maire said that Egyptian President Abdel Fatah al-Sisi asked him to discuss cooperation with Egypt in the field of automobile industry, especially electric cars, adding that he promised the president to review the issue with the French automotive manufacturer, Peugeot, after returning to France.

Le Maire met with President Sisi on Sunday. During the meeting, the minister praised the huge national projects that have been established in Egypt recently including the New Administrative Capital, east of Cairo.

Concerning fields of cooperation, Madbouly said that Egypt is also looking forward to cooperating with France in the manufacture of plasma and other blood products due to France's huge experience in this regard.

For his part, the French minister welcomed transferring the French expertise in the field of blood derivatives, so that Egypt can establish its own specialized factory.

France is one of the largest investors in Egypt, as about 160 French companies operate in the country with total investment of around $5 billion. These companies operate in the fields of infrastructure, industry, energy, telecommunications and information technology, banking and insurance.

Moreover, the trade volume between Egypt and France amounts to $2.5 billion.

The Egyptian prime minister, who also acts as the housing minister, stressed that Macron's upcoming visit will strongly boost bilateral relations between the two sides.

Madbouli stressed the need to strengthen ties between the two countries through two axes, Egypt's Minister of Investment and International Cooperation Sahar Nasr said, adding that the first axis concerns pumping French investments in Egypt.

The minister pointed out that the French side shows great willingness to pump huge investments in the Egyptian market in the coming period in the fields of automobile industry and health care, in light of the French high technical expertise, as well as France's use of advanced technology in these fields.



Egypt's PM received Bruno Le Maire in preparation for the upcoming visit of French President Emmanuel Macron to Egypt – Egypt Today


The second axis, which was highlighted during the government's discussions with the French side, is the existing agreements between Egypt and France, Nasr said, adding that there are agreements between the two countries in a number of sectors including transportation. She noted that the French side is keen to support the economic reform program implemented by the Egyptian government.

French Ambassador in Cairo Stephane Roumtier announced earlier that intensive preparations are underway with all French bodies in Egypt ahead of Marcon's looming visit.

Issues to be raised during Marcon's visit to Egypt include the economic file, regional and international issues of common interest as well as means of pumping new French investments to Egypt, according to the ambassador.



Egypt's PM received Bruno Le Maire in preparation for the upcoming visit of French President Emmanuel Macron to Egypt – Egypt Today