Egypt, EU discuss enhanced economic cooperation

Updated 9/23/2024 11:30:00 AM

Arab Finance: Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib met with the Head of the European Union (EU) Delegation to Egypt Christian Berger to explore opportunities for strengthening economic ties, as per a statement.

The meeting focused on joint projects and strategies to boost trade and investment between Egypt and EU member states over the coming period.

El-Khatib emphasized ongoing coordination among ministries to address challenges in the investment and industry sectors.

He highlighted the ministry's commitment to improving the business climate to attract both local and foreign investors.

Additionally, the minister noted that the EU is Egypt's key trading and investment partner, urging European investors to leverage the country’s strategic advantages, such as its geographic location, skilled labor, energy resources, and the network of trade agreements Egypt has established globally.

The discussion included a review of agreements signed during the Egyptian-European Investment Conference, which totaled €67.7 billion across various sectors, including green hydrogen, electric vehicles, and sustainable infrastructure.

The strategic partnership between Egypt and the EU, worth €7.4 billion in grants and loans until 2027, was also highlighted.

Also, the meeting addressed the European Carbon Border Adjustment Mechanism (CBAM) and Egypt's efforts to enhance its exports competitiveness in EU markets through green investments and the use of green hydrogen in industrial processes.

For his part, Berger affirmed the EU's commitment to fostering trade and investment relations, citing recent positive developments and the signing of a political declaration to elevate the partnership to a strategic level.