Big investment between Egypt, France in maritime transport

Eng. Hassan El Khatib, Egyptian Minister of Investment and Foreign Trade, inaugurated the activities of the Egyptian-French Business Forum, as part of his current visit to France, in the presence of a large number of officials and representatives of the business communities in the two countries.

The Minister said that the city of Marseille enjoys special economic importance due to its geographical location as an important port on the Mediterranean coast, noting that choosing the city of Marseille to host the forum's activities reflects its logistical and economic importance and its support for bilateral economic relations between Egypt and France.

The Minister explained that there is a huge opportunity for partnerships between the two countries in sectors of investment and trade priority for Egypt and France, which include maritime transport, logistics, green and sustainable technology, green energy and hydrogen, based on the current trend of the Egyptian state to support the green transformation, which was reflected in the signing of a set of tax incentives by His Excellency President Abdel Fattah El-Sisi on a set of tax incentives for green hydrogen projects, which aim to increase its production and expand its local use in a number of different economic sectors.

Al-Khatib pointed out that Egypt also looks forward to cooperating with France in the field of tourism, especially yacht tourism, in a way that achieves the Egyptian orientations aimed at making Egypt a major destination for yacht tourism.

The minister pointed out that the huge Ras El-Hikma Peninsula development project on the Mediterranean coast west of Alexandria contributed to increasing foreign direct investment to Egypt to reach $46.1 billion during the fiscal year 2023/2024, as the project investments amounted to $35 billion.