Unlocking Egypt’s Advantages in a Fast-Changing World
“Egypt has proven that it is a reliable partner in facing common challenges and in a way that achieves security and stability in our regional neighbourhood “, Abdel Fattah Al-Sissi
“Cooperation with Egypt can move mountains”, Ursula von der Leyen
OMEC participated in the 2024 Egypt-EU Investment Conference in Cairo, Egypt, co-organized by the Egyptian Government and the European Union (EU), and held from 29 to 30 June 2024. The conference served as a flagship opportunity for business leaders and investors to engage and network around the priority themes of the conference namely: Egypt’s readiness for investment, the green economy and in particular green energy and circular economy, nearshoring, digitization and innovation, and economic resilience. The conference was also one of the first major steps in implementing the Egypt-EU Strategic and Comprehensive Partnership agreed in March 2024 (a commitment of €7.4 billion ($8 billion) in financial and investment support package for 2024-2027). The event gathered a wide range of high-level government officials from Egypt (opening by President Al-Sissi and participation of several ministers) and EU (opening by President von der Leyen and participation of Vice-President, Commissioners, DGs), as well as representatives of development partners and multilateral institutions (EIB, EBRD, WB, IFC, etc.) and national and European investors.
Many speakers emphasized Egypt’s commitment and already valuable efforts in economic reforms with the successful implementation of several reform measures, including stabilizing the exchange rate, supporting the private sector, and improving the investment climate. During the conference, though several topics were discussed, energy and in particular renewable energy and hydrogen were always put in the forefront of all the sessions and debates. More in general the discussion related to investment opportunities in both traditional industries, such as food and textiles, and future-oriented sectors like renewable energy, financial technology, and telecommunications. Several MoUs were signed and most of them related to energy and in particular renewable hydrogen for hydrogen and ammonia production. Locations are often in the Ain Sohkna port and the Suez Canal Zone. The projects include projects for local needs, for shipping and also for export. One project is related to education and capacity building (with the Nile University).
Additional information about the event:
Speech by President Al-Sissi at the EU-Egypt Investment Conference
https://www.presidency.eg/en/
Speech by President von der Leyen at the EU-Egypt Investment Conference
https://neighbourhood-enlargement.ec.europa.eu/news/speech