• President Sisi is building a new republic, founded on stability, prosperity, and democracy
• Egyptians share President Sisi's dream of constructing a new republic in record time
• Optimistic about the future, we have great confidence in Egypt's ability to go through this difficult period
• President Sisi is launching an ambitious project to achieve a significant economic leap
• Egypt has become a regional hub for gas and renewable energy in the Mediterranean basin
• President Sisi has managed to double the populated area in Egypt from 7% to 14%
• Investors can obtain the 'golden license' and all approvals in very short time
• I urge the CEOs of French companies to double their investments in Egypt
• Egypt enjoys security, stability, high profitability, infrastructure, and energy
• I call for the establishment of a French industrial city in the Suez Canal Economic Zone
• I urge for the holding of an annual Egyptian-French economic forum for investors
On Wednesday, the French Chamber of Commerce and Industry in Cairo hosted an extensive discussion and meeting featuring Prominent MP Mohamed Abou El Enein, Deputy Speaker of the House of Representatives and President of the Egyptian-European Business Council.
This event was also attended by CEOs of leading French companies and investors, including the French Ambassador to Egypt, Marc Baréty.
During the meeting, Baréty expressed his admiration for President Abdel Fattah El-Sisi and the progress that Egypt has accomplished over recent years. He highlighted Egypt's economic renaissance, covering all sectors, and applauded the strategic partnership that binds France and Egypt.
Ambassador Baréty also voiced his pride in hosting the Parliament Deputy Speaker Mohamed Abou El Enein, who is one of the prominent figures in industry and economy, not only in Egypt but globally. Baréty described Abou El Enein as owning one of the most successful economic groups and possessing a unique, forward-thinking economic vision. He hailed the Egyptian lawmaker as an influential economist and politician in the region. El Enein, besides leading the Egyptian-European Business Council, served as the President of the Mediterranean Parliament since 2010.
The French ambassador expressed his delight at El Enein’s management of the round-table discussion with French businesspeople and investors, and his responses to their inquiries about the investment climate and advantages in Egypt.
In his address, Abou El Enein welcomed the French business leaders and investors to their "second home", Egypt. He reiterated that President Abdel Fattah El-Sisi has achieved significant feats domestically and internationally. He emphasized that Egypt, in the past nine years, has set a commendable model in regaining stability and progressing on the development path amidst a world struck by successive crises.
The Prominent businessman further stated that President El-Sisi is building a "new republic" based on stability, prosperity, and democracy, asserting that everyone in Egypt shares the President's dream of this new republic, working towards its construction in record time. El Enein expressed optimism about the future and strong confidence in Egypt's ability to navigate this challenging period.
On the subject of the French investors' inquiry about Egypt's economy, the Parliament Deputy Speaker spoke about President Sisi's ambitious project to spur economic growth, following Egypt’s Vision 2030.
The aim is to double the currently inhabited area of 7% to 14%, to construct an entirely new country. The New Administrative Capital alone is triple the size of Paris, coupled with the building of 40 new smart cities, the reclamation and cultivation of 2.5 million new acres, and the establishment of Egypt as a regional gas hub. Abou El Enein highlighted Egypt's success in transitioning from a gas-importing country to a gas exporter, and from a nation with a significant electricity deficit to an electricity exporter to neighboring countries.
During his talks with the French delegation of business people and investors, Abou El Enein shed light on President Sisi's substantial efforts to encourage the private sector and improve the business environment. In recent years, the state has issued a suite of policies and legislations that remove bureaucratic obstacles, enhance competition, protect intellectual property rights, and stimulate priority sectors.
Addressing the investors' queries on the advantages of investing in Egypt, Abou El Enein clarified that, based on President Sisi's directives, any investor intending to establish a project in Egypt can obtain the 'Golden License', which includes all permits in one step. Investors can also benefit from other exemptions and advantages offered to projects established in the Suez Canal Economic Zone, Upper Egypt, and in sectors such as industry, green hydrogen, green ammonia, and renewable energy. He also added that Egypt allows 100% foreign ownership and grants foreign investors the same treatment as local ones.
The Egyptian MP invited the top executives and French investors to increase their investments in Egypt, stressing that Egypt is the largest local market and has free trade agreements with almost half of the world's countries. With a consumer base of nearly 2 billion people, he affirmed: "This is the time to invest in Egypt."
The Parliament Deputy Speaker added that Egypt enjoys security, stability, high profitability, numerous opportunities, excellent infrastructure, energy, and the region's most qualified and cost-effective youth workforce. But most importantly, it possesses the political will and determination to support the private sector and remove any obstacles they face, with President Sisi being the foremost advocate for the private sector in Egypt.
He called on French companies to make Egypt their gateway for production and export to the Middle East and Africa, especially with the advent of the African Continental Free Trade Agreement (AfCFTA).
In addition, Abou El Enein proposed that French companies localize a part of their supply chains in Egypt and suggested to the French government to establish a French industrial city in the Suez Canal Economic Zone, similar to the Russian and Chinese zones.
The urgent need for increased French investment in renewable energy, the production of green hydrogen, and traditional energy sectors were underscored by Egyptian MP Mohamed Abou El Enein at a recent economic forum. As he highlighted, Egypt possesses vast undiscovered reserves of natural gas, making the country a promising prospect for energy investors.
Abou El Enein proposed the establishment of an annual Egyptian-French investors' forum to enhance economic and trade cooperation and escalate investments between the two nations. The aim of such a gathering would be to foster an environment conducive to shared economic growth and robust bilateral trade.
The French Chamber of Commerce and Industry in Cairo expressed its pride in hosting the discussion session with French investors led by MP Mohamed Abou El Enein. Praising his economic and political vision, the Chamber affirmed its commitment to strengthening commercial relations between the two nations and supporting Egypt's economic growth.
The meeting was attended by an array of French officials and several executives and investors from leading French companies. Among the attendees were Marc Barety, French Ambassador to Cairo; Mohamed El Nagle, Executive Director of the Egyptian-European Business Council; and Clémence Vidal de la Blache, Director of the French Development Agency.
Also present were Nicolas Zaimis, Chief of the Economic Department of the European Union Mission; Michael Denenberg, Economic Department Head at the French Embassy; Karim Wissa, General Manager of the French Chamber of Commerce and Industry; Henry Dufresman, CEO of Geodrill mining company; and Ahmed Hashem, Director of Alpha Consulting.
The presence of media representatives such as Elham Abol Fateh, Supervisor of the prominent Sada El Balad network, and Editor-in-chief of Al-Akhbar daily newspaper, and prominent figures from several other companies further highlighted the significance of this economic forum.
With increased collaboration and investment, Egypt and France can jointly unlock the vast potential of untapped natural resources, particularly in the energy sector, thereby ensuring a sustainable economic future for both nations.
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