Saeed: Egypt and France enjoy ties of partnership

PARIS - 26 June 2018: Egyptian Minister of Planning Hala el Saeed on Tuesday said Egypt and France have bilateral relations of partnership and comprehensive cooperation.

In her speech at a seminar that is organized by the Arab World Institute here on the future of economic relations between Egypt and France, she added that Egypt and France enjoy good relations particularly in the economic, trade, investment and cultural domains.

The political leaderships in both countries are keen on promoting bilateral relations, she said, adding that France is one of the most important trade partners of Egypt.

She expounded the Egyptian economic reform program that is addressing the root causes of problems to resolve them.

The program will be sustainable; a state of affairs that reassures investors, she said, adding that the reform measures are meant to stimulate the Egyptian national economy.

The reforms include introducing new laws for enhancing the investment atmosphere in Egypt and addressing all problems facing investors.

Also, the reform measures include upgrading the infrastructure that is necessary for the development process, she said, adding that the national roads and transportation network have been upgraded in an unprecedented way.

Also, 13 new cities are being set up as the Egyptians are living on only seven percent of the Egyptian soil, she noted.

As for the fruits of reform, she boasted that the economic growth rate hit 5.4 percent; the highest in seven years now thanks to an increase in investments and exports.

Also, the unemployment rate went down to 10.6 percent against 13.4 percent, she said, adding that it is targeted to reach eight percent in the coming three years.

Meanwhile, the foreign reserves with the Central Bank of Egypt hit 44 billion dollars; covering nine months of imports, she added.

Attending the seminar were Egyptian Minister of Investment and International Cooperation Sahar Nasr along with French officials and representatives of major Egyptian and French companies.