Sisi asserts importance of investing distinguished relations binding Egypt, France

President Abdel Fattah El Sisi underlined the importance of making the best use of distinguished relations binding Egypt and France, terming them as a model to be followed on cooperation between northern and southern the Mediterranean.

Addressing the opening of the Egyptian-French Economic Forum, Sisi said France is Egypt's ninth trade partner as the volume of trade exchange hit dlrs 2.58 billion over the past year.

He praised the role of the French companies operating in Egypt in offering their expertise in training and technology transfer.

Sisi called for taking the economic relations between the two countries into wider horizons, voicing hope that the Egyptian-French Business Council would bring about fruitful outcome to both sides.

The Egyptian president also said Egypt is seeking to rise up as a modern democratic state which guarantees work, education, healthcare and good awareness to its citizens.

Sisi said he is looking forward for France's support to Egypt from a humanitarian prospective before being an economic one.   
Sisi explained that relations between Egypt and France have witnessed notable growth in all domains, especially the economic, in view of the available chances to establish economic partnerships that benefit both sides and achieve the objectives of comprehensive development.

He voiced appreciation for the distinguished level of economic and investment relations with the French private sector. Egypt is working hard to provide an atmosphere luring foreign companies in view of Egypt's comprehensive vision for development till 2030, he said, noting that Egypt is looking forward to wider participation by the French companies in its promising projects and programs.

Egypt would pave the way for French companies to penetrate into Arab and African markets where Egypt has clinched trade agreements and enjoy trade preferences, Sisi noted.

Sisi also said the two countries should invest their distinguished relations in seizing the available investment opportunities especially the recent projects of Suez Canal Economic Zone and its industrial areas, citing the new and renewable energy, tourism, intermediate industries, infrastructure, small- and medium-scale projects.

Egypt is seeking to increase its exports of non-petroleum, cement, textiles, machinery and house appliances to France, he added.

France is one of the biggest ten foreign countries which has direct investments in Egypt valued at 4.3 billion euros at the end of 2015, Sisi noted.
  
Despite the various challenges that faced the French companies in the wake of January 25 revolution, but they did not emerge from the Egyptian market where there are vast horizons for increasing the French investments especially in the service sector, Sisi said in his address to the Egyptian-French Economic Forum.

There are several factors which could help enhancing the economic and trade cooperation between the two countries in the coming phase, including the joint ventures between the two public and private sectors in the fields of energy, infrastructure and transport, technology and communication, he said. 

Also, the joint Egyptian-French Committee, which has been recently formed, will convene its first meetings in Cairo this year, he added.

Egypt counts much on the big role that could be played by the French private sector and businessmen in pushing forward trade and economic relations between the two countries, he added. 

The two sides would be keen on continuous consultation to achieve their common objectives and remove the hardships that face the operating companies in Egypt in order to set up a successful economic partnership for the best interests of the two peoples.