Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), met with Helen Baudler, Switzerland’s State Secretary for Economic Affairs, during the African Intra-Trade Fair hosted by Egypt.
The meeting focused on activating a memorandum of understanding to promote and attract foreign investments, particularly in small and medium-sized enterprises (SMEs).
The discussions were attended by Evelyne Baumann, Switzerland’s Ambassador to Egypt, and Simon Weiss, Head of the Swiss Agency for Investment and Trade. During the meeting, the participants explored ways to implement the memorandum of understanding, emphasizing its relevance to promoting foreign investments, especially for SMEs.
Heiba also participated in a reception organized by the Swiss Chamber of Commerce, where he engaged with prominent Swiss companies operating in Egypt, as well as Egyptian and African firms. The event aimed to bolster trade and investment relations between Egypt and Switzerland.
Highlighting Egypt as Switzerland’s largest trading partner in Africa, Heiba acknowledged the significant presence of Swiss companies in the Egyptian market. Despite economic challenges, he emphasized Egypt’s position as a key investment destination and the primary gateway to Africa. He noted that the establishment of the African Continental Free Trade Area presents immense opportunities for investment and trade expansion on the continent, with a consumer base exceeding 1.3 billion and a market size exceeding $3.4trn.
Helen Baudler remarked: “Egypt not only stands as an economic giant in Africa but also has the potential to become the preferred entry point for companies seeking to conduct business in Africa due to its strategic location at the crossroads of Europe, Africa, and the Middle East.”