Al-Mashat:
• Relations with the European Union are not just financial, but a partnership based on a clear vision for the future and seizing opportunities.
• “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience” is an integrated effort by various entities to advance the transition to an economic model based on value-added sectors.
• The successful investment experiences of European companies in Egypt pave the way for more investments in sectors of mutual interest.
• The government is pressing ahead with reforms to maintain economic stability and resilience in the face of external fluctuations.
• The structure of GDP growth reflects the development and investment opportunities in many sectors, especially non-petroleum manufacturing industries.
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the Economic Forum concurrent with the EU-Egypt Summit. The Summit was held in the Belgian capital, "Brussels," and chaired by H.E. President Abdel Fattah El-Sisi, President of the Republic of Egypt, and H.E. Ms. Ursula von der Leyen, President of the European Commission. The participation also included H.E. Dr. Badr Abdel Atty, Minister of Foreign Affairs, Emigration and Egyptian Expatriates, and H.E. Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade.
The event drew extensive attendance, with over 300 chairmen and representatives from more than 60 European companies participating, alongside 100 Egyptian companies and 15 international financial institutions (IFIs). This is, in addition to representatives of economic bodies affiliated with the European Union member states.
In her speech during a high-level panel titled "Building a Strategic Investment Corridor between Egypt and Europe," the Minister of Planning, Economic Development and International Cooperation emphasized that the strategic relations between Egypt and the European Union are not solely based on the financial aspect, but represent a clear developmental vision for the future and the seizing of investment and trade opportunities. Dr. Al-Mashat stressed that Egypt looks forward to opening new horizons for Egyptian-European partnerships in various fields.
Dr. Rania Al-Mashat reaffirmed the pivotal role of partnerships with European financing institutions in Egypt over the past years, including the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), and the efforts exerted to finance and implement joint projects in the fields of sustainable transport, renewable energy, and water treatment, in addition to successful European investments. She explained that successful investment experiences offer more investment opportunities in sectors of mutual interest.
Minister Al-Mashat reviewed the developments in the Egyptian economy, particularly since March 2024, which was a turning point for the Egyptian economy resulting from fiscal and monetary policies and the implementation of the public investment ceiling, procedures that contributed to enhancing macroeconomic stability and attracting private investment once again.
She added that these measures were reflected in the return of GDP growth despite the difficult geopolitical developments regionally and globally.
Dr. Al-Mashat urged the European investors to get a closer look at the investment opportunities in the local market, which are demonstrated by the GDP growth rates, which achieved 5% growth in the last quarter of the previous fiscal year and 4.4% over the course of the year, supported by exports, non-petroleum manufacturing industries, communications and information technology, and tourism. This reflects the significant opportunities in the real economy sectors in Egypt.
Minister Al-Mashat mentioned that, in addition to seeking to strengthen macroeconomic stability, Egypt is working on implementing ambitious structural reforms in various sectors to promote a competitive business environment and attract private investments, noting that the National Structural Reforms Program aims to achieve three main objectives: enhancing macroeconomic stability, improving the investment climate and business environment, and driving the transition to a green economy.
Dr. Al-Mashat clarified that the green transition is of great importance in the Egyptian-European partnership, and therefore Egypt seeks to increase its renewable energy capacity and diversify energy generation sources.
The Minister stressed that the government is implementing all these procedures through the Economic Ministerial Group, which works as a unified team. This was clarified in “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience”, recently launched by the government, which includes a description of the Egyptian economy and a presentation of the new economic model in Egypt through the transition to higher productivity, value-added sectors, thereby achieving more growth and creating jobs.
Dr. Al-Mashat noted that the government is moving forward with implementing reforms to ensure the sustainability of economic improvement and boost the resilience of the Egyptian economy, enabling it to cope with continuous fluctuations in the regional and global economies.
The session was also attended by Mr. Valdis Dombrovskis, European Commissioner for Economy and Productivity, Ms. Gelsomina Vigliotti, Vice-President of the European Investment Bank (EIB), Mr. Tarek Tawfik, President of the Businessmed (Union of Mediterranean Confederations of Enterprises), and Mr. Lapo Pistelli, Director of Public Affairs at Eni.