French investments in Egypt hit €4B: Minister

CAIRO – 19 September 2018: French investments in the Egyptian market reached €4 billion through 150 projects, according to Minister of Trade Amr Nassar.

This came during Nassar’s meeting with Head of the Egyptian side of the Egyptian French Business Council Fouad Younis to review ways to activate the role of the council in boosting the economic French- Egyptian relationship and expand cooperation between both sides in trade and industry.

Nassar noted that the main role of the council is based on main two axes which are attracting French investments to Egypt and increasing the Egyptian exports to French markets.

He also referred that France is one of the most important trade partners to Egypt within the European Union countries.

The meeting also focused on the preparation details of the Egyptian fashion week in 2020, which contributes to promoting the Egyptian brands in the Arab and foreign countries.

According to the trade minister, Egypt targets to restore its position in readymade garments, textile and weaving fields through upgrading the designs, textile industries and Egyptian clothes.

Member of Egyptian French Council Mary Louis said that arrangements are carried out with the French side to allocate a permanent headquarters for Egypt at the French Premiere Tizon, noting that there has been huge cooperation between Egypt and France in the design field for more than 10 years.

For his part, Younis said that the council exerts extensive efforts to launch a navigation line linking Alexandria port with Marseilles port in France to serve inter-trade movement between the two countries.

Former Trade Minister Tarek Kabil announced earlier Egypt’s exports to France increased 36.4 percent in 2017 to record €572 million, compared to €420 million in 2016.

Kabil added that trade exchange between Egypt and France rose 21.8 percent in 2017 compared to the prior year.