Egypt gears up for investment conference with EU

Daily News Egypt
2 Min Read

Egypt’s Prime Minister Mostafa Madbouli met with Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), on April 1 to discuss preparations for a landmark investment conference co-hosted by Egypt and the European Union (EU).

The conference, scheduled for June 29, 2024, underscores the Egyptian government’s commitment to attracting foreign and local investment.

“This year should be the year of promoting investment in Egypt,” Prime Minister Madbouli emphasized, highlighting the positive global response to recent reforms.

To ensure a successful event, a dedicated working group will be formed. This team, comprised of representatives from the Cabinet, GAFI, and relevant ministries, will finalize the conference agenda, identify speakers, and determine key topics. Additionally, they will oversee logistical arrangements and the preparation of cooperation agreements.

Heiba, outlining GAFI’s proactive approach, stated, “We have a plan to promote investment and [highlight] advantages and incentives for investment in Egypt.”

His recent visit to Belgium, from February 19 to 22, further solidified cooperation efforts. Meetings with European Commission officials and the Belgian private sector yielded positive outcomes. European counterparts strongly supported Egypt’s economic reforms and confirmed their participation in the conference.

The EU is also eager to strengthen ties with Egypt, aiming to increase trade and investment. Heiba noted European Commission officials’ interest in facilitating trade and restoring investor confidence in the Egyptian market. They are also exploring establishing renewable energy and green hydrogen projects in the Middle East, including Egypt, for potential export to Europe.

Discussions between Egyptian and European officials pinpointed key sectors for the conference: energy (including green hydrogen and renewables), green technology, agriculture, and food security. Both parties remain open to adding additional sectors upon mutual agreement.

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