FILE - Minister of Investment and International Cooperation Sahar Nasr
CAIRO – 26 June 2018: More than 160 French Companies are operating in Egypt, with total investments exceeding €4 billion, Minister of Investment and International Cooperation Sahar Nasr said on Tuesday.
This came at a round table in the economic forum on the future of economic relations between Egypt and France, held by the Arab World Institute in Paris, in the presence of Head of the Institute Jack Lang, Secretary of State at the French Ministry of Economy and Finance Delphine Gény-Stephann, and Ambassador of France to Cairo Stephen Routier.
“The total current economic cooperation portfolio between the two states amounts to €1.2 billion, in addition to a joint program with the European Union that exceeds a total of €1 billion,” the minister added.
Nasr praised the doubling of French investments in various sectors during 2017, especially in the fields of infrastructure, transport, industry, telecommunications and information technology, energy and new and renewable energy, and the development of small and medium enterprises.
She noted that since the ratification of the new investment law, a large number of French companies have been established, and a larger number of companies expanded in the Egyptian market.
Egypt passed in 2017 a new investment law that offers foreign investors a bundle of incentives that include tax breaks and rebates; it also deals with bureaucratic problems, promises the simplification of procedures, and provides guarantees for investors.
Nasr referred that Egypt has achieved success in the economic reform program during the past four years, winning the trust of international institutions and investors.
“The main objective of this ambitious program is to improve the investment climate and the business environment,” she pointed out.