Egypt and France signed 32 agreements in various sectors during the Economic Forum for Investment
Egypt and France signed 32 agreements in various sectors during the Economic Forum for Investment
Source : Ministry of Investment and International Cooperation
28-янв-2019
The Minister of Investment and International Cooperation: number of signed agreements during the visit of the French President reached 40 agreements amounting 1.6 Billion Euros.
The French State Secretary for Economy and Finance at the French Ministry for the Economy and Finance: France is one of the largest investors in Egypt and our investments reached 5 Billion Dollars.
On the occasion of the visit of the French president Emmanuel Macaron to Egypt on Monday, 28th of January 2019, the Ministry of Investment and International Cooperation organized the Economic Forum for Investment in cooperation with the French Chamber of Commerce, the French Embassy in Egypt and Ministry of Trade and Industry in the presence of Dr. Sahar Nasr -Minster of Investment and International Cooperation-, Dr. Mohamed Shaker -Minister of Electricity and Renewable Energy-, Ms. Agnès Pannier-Runacher - State Secretary for Economy and Finance at the French Ministry for the Economy and Finance -, Mrs. Ghada Wally- Minister of Social Solidarity-, Dr. Khaled Abdel Ghaffar – Minister of High Education and Scientific Research-, Dr. Ali Meselhy – Minister of Supply and Internal Trade-, Dr. Hesham Arafat – Minster of Transport-, Eng. Amr Nassar – Minister of Trade and Industry-, Eng. Amr Talaat -Minister of Communication-, Admiral Mohab Mamish - Chairman of the Suez Canal Economic Zone-, the members of the Egyptian-French Business Council and about 300 representatives from the French companies.
The Forum witnessed the signing of 32 agreements which included cooperation agreements and protocols, memorandum of understandings, declaration of intentions, investment contracts with investments in the fields of Renewable Energy, Transportation, Health, Social Protection, Supply, Entrepreneurship, Telecommunications, SMEs, Automotive Technology, and Women’s Empowerment.
Dr. Sahar Nasr- Minister of Investment and International Cooperation- pointed out that the French President visit to Egypt reflects the deep ties and strategic relations between the two countries, in which these relations are currently witnessing tangible development in all the fields under the constant auspices and concern of the political leadership of the two countries to ensure the continuity of the constructive cooperation that reflects the historical status of the two countries and the depth of their relations, noting that the number of agreements signed during this visit reached 40 agreements amounting 1.6 Billion Euros.
The Minister stressed that the current government spare no effort since sworn to work on creating an attractive investment environment and put Egypt on the map of global investments, believing in the pivotal role of the private sector in achieving development and job creation, and in this sense, we look forward to attracting more French direct investments in the priority sectors and the participating of the French companies in future projects that create job opportunities and rely on transfer of modern technology to enhance the cooperation horizons between the two countries which is consistent with the orientations and priorities of the Egyptian Government including, the national projects, which are considered huge investment opportunities in themselves. At the forefront comes the following projects; Development of Suez Canal Axis Project, the New Cities, the New Administrative Capital, New City of Al-Alamein on the Mediterranean Coast, the Establishment of Specialized Investment Cities and benefiting from the French experience in the development of the new cities including the smart cities , the continuation of the infrastructure projects and support for the health, education, and scientific research sectors, the industrial sectors, including automotive industry, engineering industries, Food industries, SMEs.
The State Secretary at the French Ministry for the Economy and Finance stressed that France is considered one of the largest investors in Egypt where the overall investments in Egypt exceeds 5 Billion Dollars and the number of the French companies operating in Egypt is about 160 company whereas the French investments diversifies in different sectors especially the infrastructure, Transportation, Industry, Electricity and Renewable Energy, Telecommunications and Information Technology, and the Financial Sector. And Since the ratification of the new investment law, the volume of the French investments is doubled whereas the investment of the current and future project amounts 2 Billion Dollars. The French companies have been keen to achieve the social responsibility through various initiatives such as the support for innovation, entrepreneurship, and women’s empowerment.
In addition, she pointed out to the success stories of the French companies in Egypt, where recently, Orange Telecom increased its investment in Egypt by 750 Million Euro, providing training for the youth, supporting the innovation and entrepreneurship and creating job opportunities through training. Also, Schneider Electric increased its capital by 20 Million Euro, and creating new job opportunities, where the company’s Factory located in Badr City is considered the largest factory for the company over the world. Engie (as leader of the consortium with Toyota Tsusho and Orascom Construction) invested in the construction, operation and maintenance of a 500 MW wind farm in Ras Gharib in Gulf of Suez.
She assured that there are success models for the Egyptian - French partnership including Lactalis-Halawa group for dairy products which act as a model for the partnership between the Egyptian and French capital in which the French technology is invested together with the Egyptian market experiences to support the emergence of large Egyptian French entities with great potentials and capacities, where the group plans to invest 55 Million Dollars to expand its activities, hence creating 6000 job opportunities through the acquisition of 10 dairy factories, and Sab Zahran in the Industry sector through the establishment of a new entity to expand in the Egyptian market and strengthen the group’s production base in the region and make Egypt the regional hub for the group exporting to Africa and Middle east with investments estimated by 30 Million Euros.
By the end of the Forum, 32 agreements were signed including cooperation agreements and protocols, memorandum of understandings, declaration of intentions, investment contracts in the fields of Renewable Energy, Transportation, Health, Social Protection, Supply, Entrepreneurship, Telecommunication, SMEs, Automotive Technology, and Women’s Empowerment. The signed agreements are:
1- Declaration of Intent between Dr. Sahar Nasr- Minister of Investment and International Cooperation- and the State Secretary at the French Ministry for the Economy and Finance in the field of cooperation to uplift the security of the Egyptian railway network.
2- Declaration of Intent and memorandum of understanding between the Internal Trade Development Agency and Marché international de Rongi, signed by Dr. Ali Meselhy – Minister of Supply and Internal Trade and the State Secretary at the French Ministry of Economy to finance the technical assistance for the development of wholesale markets in Egypt.
3- Declaration of Intent between Eng. Amr Talaat- the Minister of Communication and Information Technology- and the State Secretary at the French Ministry for the Economy and Finance on the promotion of entrepreneurship and growth of emerging companies in the field of Information Technology.
4- Protocol of Cooperation between the Ministry of Communication and Information Technology and Orange Egypt Telecom to promote the company’s operations in Upper Egypt.
5- Memorandum of Understanding between the Egyptian Armed Forces Medical Services Management and Sanofi Company on the scientific, research, commercial, and technical Cooperation discussions in the field of vaccines.
6- Memorandum of Understanding between Admiral Mohab Mamish - chairman of the Suez Canal Economic Zone and Ecoslops company to transform the oil residues from ships crossing the Suez Canal into new recycled fuels.
7- Memorandum of Understanding between Admiral Mohab Mamish - Chairman of the Suez Canal Economic Zone and Avinor Company to supply equipment for the disposal of oil spills from ships, in support of the Environmental Assessment Program of the Suez Canal.
8- Confirmation of the joint agreement signed with the Egyptian Electricity Transmission Company and the consortium (Toyota Tsusho – Engie- Orascom for Construction) for the construction, operation and maintenance of a 500 MW wind farm in Ras Gharib in Gulf of Suez.
9- Protocol of Cooperation between the Egyptian Ministry of Electricity and Renewable Energy and Orange Egypt Telecom to generate energy through the renewable energy sources in implementation of the sustainable energy strategy with estimated investments amounting 250 million Egyptian Pounds.
10- Protocol of Cooperation between the Ministry of Social Solidarity and Schneider Electric to illuminate five villages in Upper Egypt and South Sinai or pump water from the wells using solar energy technology at a cost of 10 million Egyptian Pounds.
11- Protocol of Cooperation between the Egyptian Ministry of Social Solidarity and Orange Egypt Telecom to implement integrated strategy to develop the payment and collection system in the Ministry and its affiliates and to empower the beneficiaries with financing SMEs to establish authorized outlets for Orange Egypt Telecom Services all over the country.
12- Memorandum of Understanding between the Egyptian Ministry of Social Solidarity and Credit Agricole Egypt to improve access to digital banking services in remote areas.
13- Memorandum of Understanding between the Egyptian Ministry of Social Solidarity and L’Oréal company to train and create job opportunities for women.
14- Memorandum of Understanding between the Egyptian Ministry of Health and Population and AXA Africa Holding company (the largest health insurance company in the world to support and develop the Egyptian Health Sector and the comprehensive Health Insurance through the establishment, management and operation of network of comprehensive clinics for the basic, specialized and diagnostic care to provide primary care services). The amount of the foreign direct investment from AXA Africa Holding company to establish and implement this project is about one Billion Egyptian pounds over the next five years.
15- Memorandum of Understanding between the Egyptian Ministry of Health and Population and Sanofi company including the development of the Egyptian Emergency System in cooperation with the French Emergency Agency (SAMU) and further cooperation in the oncology and vascular drugs.
16- Protocol between the Academy for Scientific Research and Technology and Valeo Egypt to support the academia industry researches in the field of electric automotive.
17- Memorandum of Understanding between the National Authority for Tunnels and Vinci company for phase 4 of the third line of Cairo Metro.
18- Agreement on Competency Management Programs between the Information Technology Industry Development Agency (ITIDA) and France Teleperformance.
19- Protocol of Cooperation between the Information Technology Industry Development Agency (ITIDA) and Valeo Egypt company in various fields including provision of training in the automotive technology.
20- Memorandum of Understanding between the Egyptian company for Tracking Services and Information Technology and Idemia company.
21- Memorandum of Understanding for Partnership between the Administrative Capital and EDF France for the implementation, operation and maintenance of the electricity grid of the new Capital.
In addition, H.E. the Minister of Investment and International Cooperation and the French State Secretary for Economy and Finance witnessed the signing of number of agreements for the Private Sector, namely;
1- Merger agreement between Zahran Group and Groupe SEB, whereas all the merger procedures have been completed and they announced their expansion and the opening of a new plant in Borg El Arab city.
2- Memorandum of Understanding between El Sewedy and MND company for the development of integrated cable transport system in the touristic sites.
3- Memorandum of Understanding for cooperation on the development of payment methods related software.
4- Memorandum of Understanding between Misr Insurance Holding Company and Cerway to strengthen the environmental quality of building refurbishment projects in downtown Cairo.
5- Update the contract for the distribution of Sainte Mère products in Egypt.
6- Memorandum of Understanding between Tatweer Misr and Schneider Electric to cooperate in the construction of smart resorts and cities with all its integrated urban projects (Future City Project, Fouka Bay Project, North Coast and IL Mont Galala 2).
7- Extend Cooperation Agreement between AXA and LEAD foundation to insure microcredit entrepreneurs.
8- Joint Venture Agreement between Al-Ahli Capital, EDF company and Edison Egypt Energy Services.
9- Agreement between Al-Ahli Capital and EDF for a feasibility study and implementation of a co-generation system of gas consumption on the group’s industrial sites.
10- Agreement between Edison Egypt and Saint-Gobain Egypt for a feasibility study and implementation of a co-generation system of gas consumption on the group’s industrial sites.
Source: http://www.miic.gov.eg/English/MediaCenter/News/Pages/Egypt-and-France-Signed-32-Agreements-in-Various-Sectors-during-the-Economic-Forum-for-Investment.aspx