PM: Spanish investments in Egypt reach 882 million euros by mid 2024

Prime Minister Mostafa Madbouly welcomed King Felipe VI of Spain and his accompanying high-level delegation at the government headquarters in Cairo’s Qasr El Ainy. The visit comes as part of the Spanish monarch’s state trip to Egypt, which included a formal reception by President Abdel Fattah El-Sisi, underscoring the significance of the deep and longstanding ties between the two countries.

During the meeting, the Prime Minister highlighted Egypt’s ongoing efforts over the past decade to strengthen its economic landscape through wide-ranging reforms and ambitious infrastructure development. These efforts, he said, have helped create a business-friendly environment capable of attracting greater volumes of foreign direct investment, particularly from strategic partners such as Spain.

Dr. Madbouly noted that Spanish investments in Egypt had reached €882.93 million by July 2024, reflecting the steady growth of bilateral cooperation. He emphasized the government’s keenness to build on this momentum, citing successful joint projects in transportation and health—such as the plasma production initiative—as examples of partnerships that could be replicated in other sectors including manufacturing, agriculture, and renewable energy.

He also pointed to Egypt’s major infrastructure achievements, including an expansive road network, upgraded ports, and the development of specialized industrial zones, especially the Suez Canal Economic Zone. This, he stressed, could serve as a strategic gateway for Spanish products to access regional and global markets through Egypt’s network of trade agreements spanning the Arab world and Africa.

Madbouly welcomed the growing involvement of Spanish companies in energy and green hydrogen projects, stressing the importance of cooperation in areas such as water management, renewable power, and electricity interconnection. He expressed his aspiration to expand these collaborations further and extended an invitation to King Felipe VI, the Spanish Prime Minister, and senior Spanish officials to attend the inauguration of the Grand Egyptian Museum in November.

The Prime Minister reaffirmed that Egypt views Spain as a vital partner, with opportunities to deepen cooperation across key sectors. He concluded by stressing the government’s commitment to localizing industries, increasing domestic content in projects carried out with Spanish companies, and advancing partnerships that align with Egypt’s long-term development goals.