Complex Made Simple

Egypt-France trade exchange grows to €2.6 billion in 2014

North African country keen to facilitate business environment to attract more FDIs

France is an important strategic and economic partner to Egypt and the joint economic and trade relations between the two countries have witnessed considerable growth and development, says a senior official.

Egypt’s minister of commerce and industry, Tariq Qabil, adds that this makes France the third-top trading partner of Egypt among the EU countries, with a trade exchange value that amounted to €2.6 billion in 2014.

Qabil points out that the Egyptian government is committed and keen to encourage investment and facilitate the business environment to attract more foreign direct investments by removing all bureaucratic barriers faced by investors, reports Egypt-based Shorouk News.

The minister adds, in a statement by the ministry on Tuesday, that French companies are expanding and work well in the Egyptian market in the fields of construction, electronics, energy, pharmaceutical industries, agro-processing, tourism, banking and communications.

He explains that despite the difficulties faced by the Egyptian economy over the past years, it has achieved a growth rate of 4.2 per cent in fiscal year 2014 to 2015, pointing to the government’s efforts to stimulate the economy and improve the investment environment.

(€1= AED4, at the time of publishing)