Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egyptian-European Council Hails Strategic Partnership between Egypt & EU

Sun 17 Mar 2024 | 10:03 PM

The Egyptian-European Business Council, headed by prominent businessman Mohamed Abou El Enien, commended the progress made in the strategic partnership between Egypt and the European Union, emphasizing the comprehensive development of the partnership at the governmental, public, and private levels.

In an official statement released on Sunday, the Council praised the comprehensive development of the strategic partnership, highlighting the mutual benefits for both Egypt and the EU in various sectors, including trade, investment, and sustainable development. The event, attended by heads of state and ministers from Egypt and several European countries, underscored the strong commitment to enhancing the economic and social ties between the two regions.

A cornerstone of this burgeoning relationship is the introduction of a 7.4 billion euro investment package aimed at catalyzing Egypt’s economic landscape while offering European businesses lucrative avenues for investment within the region. Key to this initiative is the creation of an investment-friendly ecosystem, bolstering guarantees, and streamlining finance accessibility for companies vested in strategic areas such as renewable energy, green technologies, and sustainable manufacturing.

The statement expressed enthusiasm about the partnership's prospects: "This collaborative venture marks a significant leap in our economic relations with Europe, unveiling unparalleled opportunities for investors and aligning with Egypt’s developmental aspirations. Our concerted efforts are geared towards establishing an inviting investment climate that capitalizes on Egypt's strategic geographical position as a linchpin to African and Middle Eastern markets."

In addition, the Council also accentuated the importance of green and renewable energy endeavors within the framework of this partnership, pointing out the vast potential for investments in areas like solar, wind, and hydrogen production. These ventures are anticipated to not only bolster Egypt’s sustainability targets but also open up novel markets and technological frontiers for European enterprises.

Moreover, the statement urges entities from both regions to leverage the strategic partnership’s offerings, which include advanced trade facilitations, broader market access, and increased investments in infrastructure and technological sectors.

As the strategic partnership between Egypt and the European Union continues to flourish, the council is optimistic about the bilateral relationship's future, highlighting the symbiotic advantages and the shared dedication to fostering economic growth, sustainable development, and prosperity.