Speech by President von der Leyen with Egyptian President El-Sisi at the EU-Egypt Investment Conference
Mister President,
Excellencies,
Ladies and Gentlemen,
It has been only 100 days since we opened a new era of friendship between Egypt and the European Union. And today, we are already reaping the fruits. President El-Sisi, thank you so much for your splendid hospitality. Last March, you welcomed me and five other European Leaders, here in this beautiful timeless city, and the two of us signed a new Strategic and Comprehensive Partnership. Of course, this new agreement builds on profound ties between our people, and decades of cooperation between Egypt and the European Union. Europe is already Egypt’s largest trade partner and investor, accounting for 40% of your foreign direct investments. And with our new agreement, we have decided to reach a new level of strategic engagement between us. You are a gateway to Europe, between Africa and the Middle East, and between the Mediterranean and the Indo-Pacific. So your stability and prosperity are essential for an entire region.
Today, we come here to Cairo, accompanied by European companies, investors and financial institutions. Indeed, we have over 1,000 company representatives in the room eager to hear from us on new business opportunities But of course, we are also eager to hear from you what further actions you need from us to facilitate investments.
As the European Union, we are making good on the commitments we made just three months ago. Let me mention three of them: First, more financial assistance. Second, more investments in strategic sectors. And third, more skills for Egyptian workers.
On my first point. In March, we announced a major financial and investment package worth EUR 7.4 billion. And today, we sign the first EUR 1 billion in macro-financial assistance. This package will accompany and incentivise Egypt’s reform agenda that the private sector needs. And these reforms will foster a stronger business environment, attract more investment and create more good jobs in Egypt.
Second, with our Strategic Partnership we have committed to step up our strategic investments in Egypt. Now we aim to mobilise new European investments worth EUR 1.8 billion. This will go to the strategic sectors we have identified together last March. Let me just give one example. Egypt has the ambitious goal of becoming a clean energy hub. And this is in Europe’s interest too. Such a clean energy hub would put Egypt at the centre of the Mediterranean crossroads, with new corridors to transport clean electricity and hydrogen, but also creating new clean-tech value chains that span across our region, from the Gulf to Europe. Today, we rely on batteries, solar panels and wind turbines that are mostly produced far away. What if we joined forces to produce them in our common region? We are now investing in this vision, like never before.
To achieve this, we also have to strengthen the skills that Egyptians need to thrive in the economy of tomorrow. This is my third and last example. Today, we are signing a new project, worth EUR 25 million, to provide clean-tech and digital training to young Egyptians. So that companies find skilled personnel, and Egyptians can find good jobs and make their living.
Ladies and Gentlemen,
We are backing our new partnership with substantial public investments. But what truly makes a difference is that the private sector is also on board. With our Strategic Partnership we have created a framework of trust and of certainty about the future direction of our relationship. This is exactly the message the private sector needs and expects, rightly so, to hear from us. Our commitment to support Egypt in its reforms has already sparked private sector action. The response we have received since last March has been overwhelming. At this Conference, European companies are signing over 20 new deals or MoU’s with Egyptian partners, which are worth over EUR 40 billion. We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and automotive. You cover all the priorities that we have set out in our new partnership. And this is crucial.
Thank you for the trust you are placing in this partnership. Because we need each and every one of you to make this partnership successful. Our public investments can unlock new business opportunities for you. But only you have the know-how to set up new industries here in Egypt, or to train local workers. It is you, in the business sector, who are pioneering the technologies of the future, and we need you.
Ladies and Gentlemen,
In just 100 days, we have already brought new energy into our partnership. And this is just the beginning. Today, Egypt and Europe are closer than ever before. So this is a true win-win partnership, for Egypt and for Europe alike, for the people and for business, and of course for the common good.
Thank you.
