We had the pleasure of attending the Egypt-EU Investment Conference, held under the auspices of H.E. President Abdel Fattah El-Sisi on June 29-30, 2024.
In brief, our key takeaways from the conference are centered around the shared positive sentiment among the EU delegation and member countries regarding investment in Egypt. This optimistic outlook on investing and injecting capital into Egyptian projects bodes well for the Egyptian economy and is expected to attract more inflows. It is evident that EU partners are keen to invest, as demonstrated by the transactions and MoUs signed over the two days, highlighting the potential investment opportunities for their countries.
"Your stability and prosperity are essential for the entire region," stated Ursula von der Leyen, European Commission President.
Olivér Várhelyi, Commissioner for Neighbourhood and Enlargement, added,
"These investments will open up new opportunities for our investors, particularly in renewable energy and green transition. Within this package, new investments will modernize the economy, create growth and jobs, and develop human capital. This is just the beginning, more to come."
European Commission President Ursula von der Leyen emphasized the EU's strategic partnership with Egypt, highlighting three key commitments: increased financial assistance, enhanced investments in strategic sectors, and advanced skills development for Egyptian workers.
Olivér Várhelyi also noted that Egypt will become the green energy hub for Europe. The first electric cable connection, the EuroAfrica Interconnector, is a 2,000MW capacity electricity interconnector between Egypt, Cyprus, Greece, and Europe. This "electricity highway" connects the national electricity grids of these countries through a 1396km subsea HVDC cable. This project marks the beginning of more connections to link Egypt's energy sources with Europe.
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