Egypt-EU Investment Conference: Sisi says Egyptian large human capital young, resilient

CAIRO - 29 June 2024: President Abdel Fattah el-Sisi inaugurated the Egypt-EU Investment Conference in Cairo Saturday.

Sisi witnessed the signing ceremony of an MoU between Egypt and the EU, releasing the first tranche of the 5-billion-euro macroeconomic support mechanism and budget deficit support worth one billion euros.

The conference aims to attract diverse European investments to Egypt, especially in priority sectors such as sustainable infrastructure, renewable energy, food security, health and education, sustainable transportation, and water and sanitation networks.

This conference is also a platform for dialogue to transfer the successful European investment experience to Egypt, where Egypt can transfer the experience of diversifying European economy to Egypt, enhancing the flexibility of the local economy.

Sisi, von der Leyen, and participants of the Egypt-EU Investment Conference watched a film about investment opportunities and competitiveness in Egypt.

Sisi then said in his speech that relations between Egypt and the EU have witnessed significant developments in various fields.

“We face successive international and regional crises with extremely negative effects and economic burdens on all countries of the world, which requires support and coordination between Egypt and partners in Europe,” Sisi said, emphasizing that Egypt is a central strategic partner of the EU in the region.

Sisi said Egypt is a reliable partner in facing common challenges to achieve security and stability in the region.

He added that Egypt is moving steadily and quickly on the path to reform, empowerment of the private sector, competitiveness, and mobilization of foreign direct investments.

The Egypt-EU Investment Conference provides European countries and economic entities with the opportunity to learn about the investment potential available in Egypt, especially in areas that stimulate economic growth and employment, such as the communications and information technology sector, manufacturing industries, clean and renewable energy production, and the circular economy.

Sisi added that the conference also promotes Egypt as a regional center for supply chains for European companies, and a center for the transfer and circulation of renewable and green energy, thanks to the geographical proximity and strategic location of Egypt.

He also highlighted the Suez Canal Economic Zone as a major investment attraction in Egypt.

Sisi said the conference is expected to mobilize 5 billion euros in European investments, as well as investment guarantees worth 1.8 billion euros for the private sector.

This will increase foreign direct investments and enable the European business community to benefit from the investment potential in Egypt while strengthening the position of the EU as the most prominent trade and investment partner for the Egyptian economy.

President Sisi said that since 2011, Egypt has faced huge challenges and consequences, including crises for which Egyptians were not responsible, such as the Corona crisis, the Russian-Ukrainian war, and the war on Gaza war. They have economic repercussions for emerging economies, and of course the Egyptian economy.

Sisi thanked the Egyptian people, saying they endured the hardships, and that their resilience is a guarantee for Egyptian and foreign investors.

The hardships since 2011 have been a test that the Egyptian people has passed, Sisi emphasized.

During the past 10 years, the gupt has developed modern infrastructure that allow serious investments and industries in all fields. The president added that Egypt’s infrastructure is ready for both the old and new economy.

Sisi: “I say to every participant with us and to everyone who listens to us: We have very, very great investment opportunities inside Egypt. We are making every effort to make these investments successful and provide an attractive environment.”

He underscored that Egypt is not only a huge market of 120 million people, as well as foreign residents, but it has a massive workforce as 70% of Egyptians are below 40 years old. This is very promising for any investor, he said.

The president added that Egyptians are a strong people who have been steadfast for over a decade, looking forward to a brighter future.