Rédaction Africa Links 24 with MENA
Published on 2024-04-08 10:54:04
Minister of Trade and Industry Ahmed Samir expressed his ministry’s commitment to leveraging France’s extensive industrial expertise to bolster targeted local industries in Egypt. Specifically, he highlighted the pharmaceutical, petrochemical, and auto industries, along with their associated supply chains.
Samir made these comments during a meeting with French Ambassador to Egypt Eric Chevalier and his delegation. The purpose of the meeting was to discuss economic cooperation and ways to enhance bilateral relations in areas such as commerce, industry, and investment.
The Minister emphasized the significant opportunities for economic collaboration, both bilaterally and multilaterally within the framework of the EU-Egypt Association Agreement. He encouraged French businesses to take advantage of the opportunities and benefits presented by the Egyptian market.
Samir also pointed out key advantages of investing in Egypt, such as the country’s membership in the African Continental Free Trade Area (AfCFTA), which provides free access to African markets. He also highlighted the Egypt-Italy express shipping line and the Cairo-Cape Town road, which connects nine African countries, further facilitating trade and connectivity.
In addition, Samir discussed the government’s comprehensive package of investment incentives, including streamlined processes, discounts on industrial land prices, tax exemptions, and the expansion of the golden license system. This system, initially introduced as part of Investment Law 20/2017, was recently activated in September 2022.
Meanwhile, the French diplomat reaffirmed his country’s commitment to strengthening economic ties with Egypt, emphasizing the strategic importance of Egypt’s position in the Middle East and Africa.
Overall, the meeting between Minister Samir and Ambassador Chevalier highlighted the mutual commitment to enhancing economic cooperation between Egypt and France. By leveraging France’s industrial expertise and Egypt’s strategic advantages, both countries stand to benefit from increased investment and collaboration in key industries.
Read Original article on Egypt Independent
