Egypt sets goal to increase exports by 10% to EU countries by end of 2024

CAIRO 13 August 2024: Egypt aims to boost exports to EU countries by 10 percent before the close of 2024, aiming to reach €12.5 billion, up from €11.5 billion, according to a government source who spoke to Al Arabiya Business.

 

The source also noted that trade with the EU constitutes 27 percent of Egypt’s total foreign trade, with EU investments in the country contributing approximately 32 percent to the overall FDI influx.

 

In 2023, bilateral trade between Egypt and EU countries tallied at €32.6 billion, the source highlighted.

 

According to sources, Egypt aims to draw in more than $2 billion in foreign direct investment (FDI) from European Union (EU) nations for upcoming industrial ventures this year.

 

The nation in North Africa is actively seeking to strengthen relationships with prominent European corporations and establishments in the near future, with a focus on enhancing commerce and attracting additional European investments, particularly in the industrial domain, the source revealed.

 

This endeavor will streamline the coordination of trade delegations and involvement in expos held in European capitals, thereby opening up avenues for Egyptian exports to penetrate European markets, the source emphasized.

 

EU countries' investments in Egypt amount to about $13.1 billion, with a number of companies exceeding 6,928 companies, according to data from the Egyptian General Authority for Investment and Free Zones issued in April 2023.