By Ibrahim Khazen and Mohammad Sio
CAIRO/ISTANBUL (AA) - French investments in Egypt total around $7.7 billion, with Cairo aiming to double that figure in the coming years, Egyptian Investment Minister Hassan El-Khatib said Monday.
The statement came during the Egyptian-French Business Forum in Cairo, attended by Egyptian President Abdel Fattah al-Sisi and French President Emmanuel Macron, according to a ministry release.
El-Khatib described France as a strategic partner in investment and trade, noting that French companies play a pivotal role in key sectors.
These include manufacturing, pharmaceuticals, telecommunications and IT, digital transformation, transportation, infrastructure, banking and financial services, reflecting deep trust from French investors.
He detailed that 180 French firms currently operate in Egypt, employing about 50,000 people.
Trade between the two countries hit $2.9 billion in 2024, up from $2.5 billion in 2023, while Egyptian exports to France neared $1 billion, opening doors for broader economic collaboration, El-Khatib said.
The government plans to double French investments and push bilateral trade to unprecedented levels in the near future, aiming to elevate the economic partnership, he added.
El-Khatib highlighted his country’s competitive edge, including its strategic location -- offering easy access to Europe, Africa and Asia -- and advanced infrastructure, positioning it as a regional hub in global supply chains.
Egypt also boasts a young trained workforce of over 31 million with competitive wages, diverse renewable energy sources like solar and wind and free trade agreements with more than 70 countries, he noted.
Macron’s three-day visit to Cairo, which began Sunday, culminated Monday in a joint declaration with Sisi upgrading bilateral ties to a strategic partnership.