French investments in Egypt have exceeded $7bn, spread across more than 180 companies, according to Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI). Speaking at the opening of the Egypt–France Business Forum in Cairo on Monday, Heiba emphasized that these investments have created over 50,000 jobs, underscoring France's position as one of Egypt's most significant European partners. The forum, held during French President Emmanuel Macron's visit to Egypt, brought together senior officials and business leaders from both countries, marking a key moment in strengthening strategic and economic ties. Heiba described the visit as a "turning point" in bilateral relations, particularly as Egypt accelerates efforts to expand international partnerships and attract foreign direct investment. He highlighted the impact of economic reforms under President Abdel Fattah Al-Sisi, which helped Egypt secure $46.6bn in FDI in 2024. Heiba noted that Egypt's vision for the future, which is grounded in innovation and sustainable development, aligns well with the shared values between Egypt and France. The forum is an opportunity for both countries to discuss ways to further enhance their economic ties, which are based on mutual trust and longstanding cooperation. Heiba also emphasized that Egypt has set ambitious targets for the coming years, including attracting $60bn in annual FDI, boosting exports to $145bn, and increasing private sector participation in total investment to 65% by 2030. In addition to economic reforms such as the State Ownership Policy and the Golden License, which fast-track major investment projects, Heiba stressed that Egypt has created a conducive environment for foreign investors, with incentives and support systems designed to facilitate business expansion. France, Heiba continued, remains a critical partner for Egypt in various sectors including clean energy, digital transformation, healthcare, infrastructure, and transport. With a robust track record of successful collaborations, France's contribution to Egypt's economic development is significant, particularly in light of the country's ongoing commitment to sustainability and green energy projects. Ayman Ezzat, President of the Egypt–France Business Council, said the forum provides a vital platform to deepen cooperation and capitalize on reforms that prioritize private sector growth. He cited over $1bn in recent French investments in education, infrastructure, and transport as a testament to investor confidence. "This is a new chapter in Egypt–France economic relations," Ezzat said, adding that the business community is committed to driving forward innovation-based partnerships that support shared prosperity. He emphasized that this collaboration between Egypt and France is poised to open new avenues for economic growth and technological innovation. Didier Boulon, COO at the French Ministry for Foreign Trade, affirmed that France remains the largest European investor in Egypt and highlighted the country's strategic role as a base for expansion into African and Middle Eastern markets. Boulon reiterated that the Egypt-France Business Forum serves as a key opportunity for French companies to tap into the broader Middle Eastern and African markets, enhancing their presence and impact in the region.
