French investments in Egypt exceed $7 bln during Macron visit
Heiba made these remarks during the Egyptian-French Business Forum, which kicked off Monday morning in Cairo.
Many officials and business leaders from both nations participated in the forum.
During the forum, Heiba emphasized that French President Emmanuel Macron's visit to Egypt marks a pivotal moment in the strategic relationship between the two countries, reinforcing historical ties and growing economic cooperation.
He also highlighted the crucial timing of the visit as Egypt seeks to open broader horizons for international partnerships.
Heiba said both countries share a unified vision for a future based on innovation, sustainable development, and mutual prosperity.
Moreover, he highlighted that Egypt has successfully implemented structural economic reforms under President Abdel-Fattah El-Sisi's leadership that have enhanced the investment environment.
The country also achieved foreign direct investment inflows of $46.6 billion in 2024, reflecting the international community's increasing confidence in the Egyptian economy, he added.
Heiba also pointed out that the government has set ambitious targets for the coming years, including attracting $60 billion in foreign direct investments and raising export values to $145 billion. The goal is for the private sector to contribute 65 percent of total investments by 2030.
Furthermore, the Egyptian state has launched a package of policies to enhance economic competitiveness and improve the business climate, including the state ownership policy established in 2023 and the golden license, which allows for swift and effective license granting for major investment projects.
Heiba also affirmed that Egypt is keen to enhance cooperation with France in various areas, including clean energy, digital transformation, infrastructure, transportation, health, and technology.
He stressed that the Egyptian market has promising opportunities for French investments, especially with the government's commitment to sustainable development and financing green projects.
"GAFI is fully prepared to support French investors by facilitating the procedures necessary for a smooth entry into the Egyptian market," Heiba stated.
He also underscored that the partnership between Egypt and France is entering a more dynamic and effective phase, benefiting both their economies and peoples.
"The forum represents an important opportunity to solidify economic cooperation between Egypt and France in a favorable investment climate amid ongoing reform efforts," Chairman of the Egyptian-French Business Council Ayman Ezzat noted.
He also highlighted that new economic reforms and policies prioritize private sector participation in development, resulting in successful partnerships with the government and investments exceeding $1 billion in the education, transportation, and infrastructure sectors.
"This occasion marks a new chapter in Egyptian-French relations, coinciding with President Macron's visit. We aim to enhance investments and partnerships based on innovation and knowledge, building bridges between peoples and companies to support a prosperous future for both parties," Ezzat said.
Meanwhile, Didier Bolon, chief operating officer at the French Ministry of Foreign Trade, stated that the Egyptian-French Business Forum is an important platform to support the expansion of companies in both the Egyptian and French markets.
"France is committed to supporting Egyptian economy and it is the largest European investor in Cairo, with investments exceeding $7 billion," he added.
He clarified that French companies operating in Egypt are active across various sectors and aim to expand not only in the local market but also in African and Middle Eastern markets.