Egyptian Prime Minister Moustafa Madbouly said on Wednesday that French President Emmanuel Macron's recent visit to Egypt marked a historic step in boosting economic ties between the two nations, despite the current regional challenges. The prime minister described the visit as a significant milestone in Egypt-France relations, emphasising the new strategic partnership that was announced during the trip. The visit saw the signing of several memoranda of understanding aimed at fostering deeper cooperation in various sectors, particularly economic. "This visit came at a critical time, with regional and global challenges, and underscores France's solidarity with Egypt's efforts to stabilise the region," Prime Minister Madbouly said in a Cabinet meeting. He highlighted the discussions between Egyptian President Abdel Fattah El-Sisi, Macron, and Jordan's King Abdullah II, which focused on an urgent ceasefire agreement for Gaza and the humanitarian crisis there. The prime minister also noted that the visit would contribute to boosting French investments in Egypt. "We expect French companies to expand their participation in Egypt's economic activities, building on their decades of experience in the country," he added. Shifting focus to trade and economic policies, Prime Minister Madbouly addressed the US tariff measures and their potential impact on Egypt's industries. He confirmed that the government was preparing a set of targeted measures aimed at localising industries and stimulating the tech sector. Minister of Investment and Foreign Trade Hassan El-Khatib confirmed that specific actions would be taken in coordination with relevant ministries to take advantage of the situation. "These measures will help support and expand key sectors of Egypt's economy," he said. Prime Minister Madbouly concluded by stating that Egypt's economic ministers had been tasked with developing detailed scenarios to ensure economic stability, enhance the investment climate, and promote industrial localization in the coming period. Attribution: Amwal Al Ghad English
