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Gamea reviews government efforts to support economy at Egypt-Spain Business Forum
1 December 2021  -  Organization :  -  Sector/Entity :  -  Category : General

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Egypt’s exports to the Spanish market grew 84.4% during the first nine months of the year.

Cairo- Dec 1, 2021

Minister of Trade and Industry Nevine Gamea has took part in the Egyptian-Spanish Business Forum, in the presence of premiers of the two countries, Secretary of State for Trade at the Spanish Ministry of Industry, Trade and Tourism Xiana Mendez, and Ambassador of Spain in Cairo Ramón Gil-Casares, along with a host of Egyptian and Spanish companies,

The forum was organized by the Ministry of Trade and Industry in cooperation with the General Federation of Chambers of Commerce.

“Spain is Egypt’s strategic partner in various economic fields. Relations between the two countries have flourished over the past years,” Gamea said in her keynote speech.

Reviewing government efforts to boost economy, the minister noted that Moody’s kept Egypt’s credit rating at B2 with a stable outlook, in its July 2021 report, thanks to a successful economic reform program. According to UNCTAD, Egypt is Africa's top FDI recipient in 2020 with a value of $5.9 billion, making up 14.75% of the continent’s total FDIs.

She added that efforts to develop Egypt’s industrial sector helped increase its contribution to GDP to 17.1% in the fiscal year 2019/2020 compared to 16.4% in 2018/2019.

Spain, she pointed out, ranked as the second largest EU market for Egyptian exports in the years 2020-2021, with bilateral trade growing 23.8% to €1.961 billion during the first nine months of the year, and Egypt’s non-oil exports to Spain rising 84.4% to €700 million.

With regards to investment, Gamea said that Spanish investments in Egypt stood at €826 million until the beginning of 2020 in 280 projects, pointing to ample opportunities of cooperation between the two countries in the fields of agriculture, food industries, textiles, leather, autos and metal industries.

Mendez, for her part, praised the political stability that Egypt enjoys, as well as the economic reform program adopted by its government, which has attracted many Spanish investments to the local market and rendered Egypt one of its key strategic partners in the region.

She added that there are various Spanish companies operating in Egypt, especially in the fields of water, agriculture, transport and renewable energy, noting that one of them already produces 80% of Egypt’s renewable energy.

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