Egypt, Sweden discuss strengthening economic ties, development cooperation

CAIRO - 2 December 2024: Minister of Planning, Economic Development, and International Cooperation, Rania A. Al-Mashat, held a meeting with representatives from the Swedish Embassy and the Swedish International Development Cooperation Agency (SIDA) to discuss enhancing the economic and investment partnership between Egypt and Sweden. 

 

The session, which included key figures such as Ambassador Håkan Emsgård and SIDA officials, centered on collaborative efforts to support sustainable development and economic growth.

 

During the meeting, Al-Mashat expressed appreciation for the deepening economic ties between Egypt and Sweden, noting the growing number of Swedish companies investing in Egypt, particularly in sectors like technology, medical equipment, and consumer electronics. 

She highlighted the vital role of the export credit system in bolstering trade and investment between the two countries.

 

The Minister also discussed ongoing projects under the current portfolio of Egypt-Sweden development cooperation, including initiatives focused on improving Egypt’s energy infrastructure, such as the modernization of the electricity grid and sustainable urban transport solutions like the Bus Rapid Transit (BRT) system.

 

Furthermore, Dr. Al-Mashat stressed the importance of attracting more Foreign Direct Investment (FDI) from Swedish businesses and enhancing technical collaboration within Egypt’s “NWFE” program. 

 

She also mentioned efforts to align Egypt’s policies with European carbon border adjustment mechanisms to boost the competitiveness of Egyptian exports.

 

The Swedish representatives reaffirmed their commitment to supporting Egypt’s development goals, particularly in areas such as job creation, trade, and green transformation. 

 

They also emphasized the importance of continued collaboration in fostering economic growth, sustainability, and social development, with a focus on supporting low-income groups and facilitating investment flows.

 

SIDA, as a key development agency, highlighted its strategic partnership with Egypt, with a focus on creating synergies between trade and development initiatives to strengthen both economies.