Over 20 European countries have confirmed participation in Egypt's Economic Summit, chairman of the Egyptian-European Business Council Mohamed Abou Elenin said on Monday. The summit is due to start on March 13-15 in Sharm El-Sheikh. On the sidelines of the administrative climate to support investment conference, Abou Elenin noted that the European firms would showcase for the first time projects in future industries i.e. energy, chemicals, and high-technology infrastructure. He clarified that the Economic Development Conference is a message for the whole world to create a new investment climate, asking the Egyptian authorities to determine and promote the projects as well as investment opportunities in each governorate in the country. Furthermore, the Egyptian official added that the Italian delegation, in its latest visit to Egypt, had offered to pump €1 billion investments into Egypt in new and renewable energy projects and Suez Canal Axis project. Suez Canal Axis is the project of this era for being a hub of international trade and an important maritime axis in which many countries would establish logistic centres to make use of it, Abou Elenin noted. Moreover, Abou Elenin pointed out that the new investment law provides a group of new articles that would make good change in the Egyptian market, solve the problems facing investors, and preserve state's rights. The law is a strong message indicating that Egypt has strong desire to encourage investment.
