Egypt is biggest trading partner of Switzerland in Africa

Finance Minister Mohamed Maait met with Swiss Ambassador in Egypt Paul Garnier to examine ways of boosting cooperation between the two countries.

Egypt can use Switzerland’s expertise in digital economy transformation, public finance efficiency, making reforms to the structure of the economy including taxes, health reforms, education and renewable energy.

Switzerland can be a great help to Egypt in doing necessary reforms and developments to reach its 2030 development goals.

Garnier stressed his country’s readiness to support Egypt towards achieving its 2030 vision; he also praised Egypt’s monetary reforms and the economic reform program Egypt has followed since 2016 that helped encourage foreign investments in the Egyptian economy.

Maait on the other hand showcased how Egypt was able to maintain positive outlooks despite the COVID-19 pandemic that have affected most economies around the world. He cited the ratings of Moody’s and Fitch, Standard and Poor and the World Bank.

The current standing of trade between the 2 countries is at EGP 6.9 billion as of Q1 of 2020 up from EGP 6.5 billion in same quarter of 2019 where it has increased by about 14% compared to 2018. So, the trade kept its rising trend despite the pandemic.

Egypt also maintained its place as the biggest African trading partner of Switzerland and one of the biggest global partners especially in 2020.