Finance minister hails volume of French investments in Egypt

PARIS – 25 October 2017: Finance Minister Amr el-Garhy asserted on Wednesday that current meetings with the French side in Paris were going at a great pace at all levels, topped by President Abdel Fattah al-Sisi's discussions with his counterpart Emmanuel Macron.

"The talks were very valuable", Garhy said on the sidelines of Sisi's visit to the French capital, pointing out to "positive and distinguished remarks made during the presser between the two presidents".

The two leaders' statements reflected the positive atmosphere of talks that addressed political, strategic and economic issues, said the minister.

He also noted that French investments in Egypt covered fields including energy, petroleum, pharmaceuticals industry, communications and construction. He estimated the value of these investments at more than $4 billion.

President Sisi stressed Cairo's desire to promote cooperation with Paris to increase its investments, citing the signing of agreements in several domains including railways and budget loans.

As for cooperation in the fields of tax reforms, the finance minister said Egypt works with several parties including the Economic Cooperation Organizations (ECO) and the International Monetary Fund (IMF).

Asked about the impediments that may face French investors in Egypt, Garhy said several measures have been taken to address any obstacle.

He also reviewed privileges granted to foreign investors.