Madbouly calls on French companies to invest in Egypt

In a meeting with his French counterpart Jean Castex, Madbouly said that Egypt already has a promising electric vehicle manufacturing program as part of its strategy to move towards a green economy, which presents an opportunity for French companies working in that field.

Madbouly added that Egypt needs water desalination stations to increase its water sources.

The Egyptian PM also said that Egypt recently depended mainly on French companies in constructing and managing public transportation like the monorail and light rail train.

Meeting with MEDEF

In a meeting with representatives from 90 French companies at the headquarters of the French Business Council (MEDEF) in Paris, the Egyptian PM said that there are more than 165 French companies investing a total of 5 billion euros and providing 38,000 jobs in Egypt.

The PM also said that trade between the two countries reached $3 billion in 2020, up 20 percent from 2019.

Madbouly also said that Egypt has successfully finalised the first stage of the economic reforms launched in cooperation with the International Monetary Fund (IMF) in 2016 and has adopted a comprehensive and lasting program to achieve economic growth based on amending monetary policies.