Furthermore, the source underscored Egypt’s goal of escalating exports to EU countries by 10% before the close of 2024, aiming to reach €12.5 billion, up from €11.5 billion.
Egypt aims to draw in more than $2 billion in foreign direct investment (FDI) from European Union (EU) nations for upcoming industrial ventures this year, as per a government source cited by Al Arabiya Business.
The nation in North Africa is actively seeking to strengthen relationships with prominent European corporations and establishments in the near future, with a focus on enhancing commerce and attracting additional European investments, particularly in the industrial domain, the source revealed.
This endeavor will streamline the coordination of trade delegations and involvement in expos held in European capitals, thereby opening up avenues for Egyptian exports to penetrate European markets, the source emphasized.
EU countries' investments in Egypt amount to about $13.1 billion, with a number of companies exceeding 6,928 companies, according to data from the Egyptian General Authority for Investment and Free Zones issued in April 2023.
Furthermore, the source underscored Egypt’s goal of escalating exports to EU countries by 10% before the close of 2024, aiming to reach €12.5 billion, up from €11.5 billion.
The source also noted that trade with the EU constitutes 27% of Egypt’s total foreign trade, with EU investments in the country contributing approximately 32% to the overall FDI influx.
In 2023, bilateral trade between Egypt and EU countries tallied at €32.6 billion, the source highlighted.
