President of the European Commission Ursula von der Leyen is currently in Cairo, a pivotal moment as she participates in the highly anticipated EU-Egypt Investment Conference on June 29th and 30th. On June 29th, she delivered the opening speech, a momentous occasion shared with the President of the Arab Republic of Egypt, H.E. Abdel Fattah El-Sisi.
This joint Investment Forum is a significant outcome of the Egypt-EU Strategic and Comprehensive Partnership, which the two Presidents agreed upon in March 2024. The Partnership includes political relations, economic stability, investments and trade, migration and mobility, security and demography, and human capital.
Executive Vice President Valdis Dombrovskis and Neighbourhood and Enlargement Commissioner Olivér Várhelyi accompany the Commission’s President. The conference brings together around 1,000 participants, including Egyptian and EU Ministers, senior officials, European financial institutions, and CEOs from various sectors in the EU and Egypt.
“The stability of Egypt is important for the region. We have deepened our relations in a world of turmoil, building on our historical ties. Our new Partnership reflects this. We keep working on all strands. From trade, energy, water, migration, to skills and mobility,” said Ursula von der Leyen.
“European companies and Egyptian partners will sign deals worth over €40 billion at this conference. That’s the power of our Partnership. We are creating a framework of trust and certainty. Exactly the message that the business sector needs to hear,” the President of the Commission stressed.
Executive Vice-President Dombrovskis will sign the Memorandum of Understanding on behalf of the EU for short-term macro-financial assistance of up to €1 billion to support Egypt’s economic reform program. This program aims to strengthen the resilience and potential of the Egyptian economy. It is part of the €7.4 billion package President von der Leyen announced in March to support the Strategic and Comprehensive Partnership with Egypt.
The conference will witness the signing of numerous investment deals with European companies and bilateral cooperation agreements with the EU to advance employment and skills, vaccine manufacturing, food security, and sustainable development. It will further promote investment opportunities in key sectors such as renewable energy (including renewable hydrogen), circular economy, manufacturing (pharmaceutical, medical, and automotive sectors), agriculture/food, water security, innovation, and digitalization. Both sides have identified these sectors for their potential to contribute to Egypt’s sustainable development and economic diversification.
