Saturday 18 Jan
Dr. Alaa Ezz, Secretary-General of the Federation of Egyptian and European Chambers of Commerce, met with Xavier Bettel, Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade of Luxembourg, during his visit to Egypt. The meeting focused on intensifying economic relations in various sectors.
The meeting took place on the sidelines of a working dinner in his honor, attended by Hassan Abdullah, Governor of the Central Bank, Mohamed Abul Enein, Deputy Speaker of the House of Representatives, Sameh Shoukry, former Minister of Foreign Affairs, Ahmed Issa, former Minister of Tourism, Mohamed Elsewedy, Chairman of the Federation of Egyptian Industries, Mohamed El-Etreby, Chairman of the Federation of Egyptian Banks and the National Bank of Egypt, and the delegation accompanying the Deputy Prime Minister.
To initiate cooperation, a
business forum will be convened in the first quarter of the year at the
Luxembourg Chamber of Commerce. This forum will serve as a platform to explore
sectoral investment opportunities in Egypt. Discussions will encompass the
potential for trilateral cooperation, utilizing Egypt as a manufacturing hub to
access a market exceeding 3 billion consumers across Africa, the Arab world,
the European Union, EFTA, Mercosur, the United States, Turkey, and the United
Kingdom. This market offers the advantage of duty-free and quota-free access.
Furthermore, the forum will highlight the availability of over 22 billion euros
in grants, soft loans, and technical assistance from various development banks
and funds to support Egyptian companies. This support is further augmented by
trade and investment guarantees provided by the European Union.
Prime Minister Bettel announced
that he will lead a delegation of businessmen, accompanied by the Ministers of
Finance and Industry, on a visit to Egypt in the second half of the year.
During this visit, the Federation of Egyptian and European Chambers of Commerce
will host a business forum and facilitate B2B bilateral meetings to stimulate
investment and trade cooperation.
Bettel emphasized Luxembourg's strong interest in expanding economic ties with Egypt. He highlighted the presence of numerous Luxembourgish companies already operating in Egypt and acknowledged Egypt's strategic investment advantages, including low labor costs and diverse investment opportunities. These factors, he asserted, make Egypt an ideal investment partner for European countries.
