Current French investments in Egypt stand at €5bn, and trade exchange reaches €3bn, according to Hassan Behnam, Managing Director of the French Chamber of Commerce and Industry in Egypt.
Behnam added that there are a total of 165 French companies in Egypt, employing 38,000 employees.
Egypt-France trade exchange focuses on agricultural food products, banking, finance, telecommunications, automotive manufacturing, medicine, construction, environment, new and renewable energy, and tourism.
Behnam highlighted that the Egyptian government has adopted an action plan that strikes a balance between fighting the novel coronavirus (COVID-19) and ensuring economic activities continue.
He noted that Egyptian companies are generally optimistic and are looking to resume their activities following the pandemic. This is a common vision as outlined by economic analysts, global financial circles, and international bodies, such as the International Monetary Fund (IMF) and the World Bank.
Egypt has numerous promising sectors that are likely to increase the interest of French and Arab businesspeople and investors. These include infrastructure, transportation, housing, information technology, telecommunications, energy, and food industries.
Behnam shed light on infrastructure projects including building roads and highways and upgrading railways that stimulate foreign investment.
‘In the field of communications, Egypt intends to be a regional communications platform, where 7,700 companies work in this field,’ he said. ‘In 2019, Egypt exported $3.7bn of computer products, equipment, and technology.’
Additionally, Behnam believes that Egypt’s tourism will gradually resume after the health crisis, adding, ‘This is the perfect time for investing in this sector.’
He called on Arab businesspeople to invest in Egypt, as it provides excellent job and investment opportunities. This is particularly following the Egyptian government’s decision to facilitate enterprise establishment procedures.
He also emphasized that free trade agreements, such as COMESA that allow exports to 19 countries in East Africa with a population of 510 million people, should be benefited from.
MENA FN
13/07/2020
