According to the Egyptian State Information Service, the Egyptian-European Business Council commended the Joint Political Declaration document signed by President Abdel Fattah El Sisi and European Commission President Ursula von der Leyen.
The strategic partnership aims to raise relations between Egypt and the European Union to the level of strategic partnership. The partnership is intended to fully realize the potential for achieving common political, economic, and security interests. The announcement was made in the presence of the prime ministers of Belgium, Italy, Greece, Austria, and Cyprus.
Moreover, the Council welcomed the announcement of the financial package, which amounts to EUR 7.4 billion. The package includes concessional financing, guarantees to encourage more European investments in Egypt, and technical support for several cooperation projects. This financial package is expected to boost economic growth and create more job opportunities in the country.
The Council emphasized Egypt’s essential role as a pillar of security and stability in the Mediterranean region. Europe highly appreciates the country’s commitment to achieving peace and confronting terrorism and illegal immigration. In addition, the Council recognizes Egypt’s great economic potential, which is also an attractive feature for potential European investors. The Council believes this partnership will benefit both sides and strengthen the bonds between Egypt and the European Union.
The Council firmly believes that the partnership between Egypt and Europe will bring significant economic benefits to Egypt. It will attract large European investments in industry, energy, gas, renewable energy, green hydrogen, and electrical connection projects. This investment will create numerous job opportunities for young people, open up vast export markets, and improve citizens’ living standards.
Furthermore, the Council affirms that Egypt’s natural and human resources, strategic location, free trade agreements, competitive labor costs, and advanced infrastructure make it a gateway for European and international companies to access the Middle East and Africa.
