Egypt 2nd Biggest Recipient of European FDI in MENA Region

Emad Qenawy, head of the Importers Division at the Cairo Chamber of Commerce said that Egypt is the second largest recipient of foreign direct investment (FDI) from the European Union (EU) in the Middle East and North Africa (MENA) region, calling for confronting the challenges facing Egyptian-European relations, such as implementing structural economic reforms, and achieving economic stability in the long term.

Qenawy stressed in a statement today that Egypt is a large and powerful country that maintains the stability of the Middle East, and at the same time any crises in the region mainly reflect negatively on Europe.

It is noteworthy that the government announced the availability of a larger volume of investment opportunities for European companies and entities, and the immediate start of coordination with the European Union with the aim of promoting these opportunities, especially in the industrial sector.

Qenawy explained that the government announced that the necessary arrangements are being made to hold the joint Egyptian-European investment conference scheduled to be held at the end of next June, in the presence of President Abdel Fattah El-Sisi and Ursula von der Leyen, President of the European Commission, stressing that Egyptian-European relations have achieved great development at the levels. Political, strategic and economic, especially during the era of President Sisi.

The member of the Board of Directors of the General Federation of Chambers of Commerce added that the European Union is one of Egypt's most important trade partners. It represents about 25% of the total volume of trade exchange with Egypt, stressing that Egyptian-European relations reflect the strength and durability of the historical relations between Egypt and the European Union countries and contribute to strengthening their relations to the level of a comprehensive strategic partnership.

He explained that Egyptian-European relations have achieved great development at the political, strategic and economic levels, especially during the era of President Sisi, and that the European Union is one of Egypt’s most important trading partners. It represents about 25% of the total volume of trade with Egypt.

He added that the value of trade exchange between Egypt and European Union countries is about 31.2 billion dollars during the year 2023, as the value of Egyptian exports reached about 11.8 billion dollars, while Egyptian imports recorded about 19.4 billion dollars.

The value of investments by European Union countries in Egypt amounted to $8.2 billion during the fiscal year 2022/2023, compared to $3.2 billion during the fiscal year 2021/2022, an increase of 156.3%, according to the European Union website in Egypt.

He stressed that the Union is considered the leading investor in Egypt; The accumulated investment balance amounts to about 38.8 billion euros, representing about 39% of the total foreign direct investment in Egypt.