Staff report: CAIRO, June 27, 2018 - Minister of Investment and International Co-operation Dr Sahar Nasr affirmed yesterday that Egypt was keen on boosting economic and investment co-operation with France. Minister Nasr was addressing a round table meeting on the sidelines of an economic forum organised by the Arab World Institute in co-operation with the Egyptian-French Business Council and a number of economic bodies on the future of economic relations between the two countries. Attending the seminar was Minister of Planning, Follow-up and Administrative Reform Dr Hala el-Saeed and a number of French officials and representatives of major companies in Cairo and Paris. Minister Nasr reviewed the tangible progress of relations between the two countries in several domains in the light of the keenness of the leaderships of Egypt and France to maintain co-operation in a way that contributes to providing a better future for both the Egyptian and French peoples and boosts the historic and deeply-rooted relations binding the two countries. She praised the French efforts being made to promote bilateral ties through contributing to financing development projects in Egypt. The current portfolio of economic co-operation, Minister Nasr noted, was worth 1.2 billion euros, apart from France's support of Egypt through the European Union, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). Addressing the same event, Minister of Planning Hala el-Saeed said Egypt and France have bilateral relations of partnership and comprehensive co-operation. The political leaderships in both countries are keen on promoting bilateral relations, she said, adding that France is one of the most important trade partners of Egypt, she said. She explained the Egyptian economic reform programme that is aimed at solving the root causes of problems. The reforms include introducing new laws for enhancing the investment atmosphere in Egypt and addressing all problems facing investors. Also, the reform measures include upgrading the infrastructure that is necessary for the development process, she said, adding that the national roads and transport network have been upgraded in an unprecedented way. Also, 13 new cities are being set up as the Egyptians are living on only seven per cent of the Egyptian soil, she noted. As for the fruits of reform, she boasted that the economic growth rate hit 5.4 per cent; the highest in seven years now thanks to an increase in investments and exports. Also, the unemployment rate went down to 10.6 per cent against 13.4 per cent, she said, adding that it is targeted to reach eight per cent in the coming three years. Meanwhile, the foreign reserves with the Central Bank of Egypt hit 44 billion dollars; covering nine months of imports, she added. For her part, French Minister of State for Economy and Finance Delphine Gini Stephan hailed the economic transformation witnessed by Egypt in recent months and years and the ongoing "necessary and courageous" reforms adopted by the Egyptian government that are beginning to bear fruit. She said that these reforms will attract new investments and contribute to the growth and prosperity of the country, stressing the desire of France and French companies to participate in the development process in Egypt for mutual benefit.
