French Companies Invest in Egyptian Market
Several French companies from various sectors have committed to making new investments in the Egyptian market.
Among these companies are Lesaffre, Alstom, Sanofi, and Decathlon. Currently, French investments in Egypt amount to approximately €7 billion, spread across 180 companies from diverse sectors.
This development comes in the context of Egypt's efforts to expand investment ties with Europe, following the 2024 Egypt-Europe Investment Conference held in Cairo last June.
Hossam Heiba, CEO of GAFI, highlighted that Egypt has successfully attracted a significant number of global and French companies, thanks to its strategic position as a hub for investments and exports to Africa.
Heiba also signed a protocol agreement with the French Agency for Investment Promotion, aiming to support investment cooperation between Egypt and France. The agreement focuses on supporting investors, fostering partnerships between business communities in both countries, and sharing data on target sectors and legislative developments.
Egypt has maintained its position as the top African destination for investments in 2022 and 2023, with expectations to continue this trend in the coming years. This is also supported by the record foreign direct investment, which reached $46.1 billion in the 2023-2024 fiscal year.
The French side emphasized the substantial investments made by French companies in Egypt, particularly in the information and communication technology sector, where companies like Valeo, Capgemini, and Orange Business Services operate. Servier and Air Liquide have also made significant contributions to the healthcare sector. In the cosmetics industry, L'Oréal is a major player.
Note: GAFI stands for General Authority for Investment and Free Zones.
