CAIRO, July 1 (MENA) - Head of the European Union (EU) Delegation to Egypt Ambassador Christian Berger said the Egypt-EU Investment Conference, which wrapped up in Cairo Sunday, emphasized Europe’s keenness on strengthening its economic and trade partnership with Egypt, as well as fostering cooperation between the private sectors in both sides.

In exclusive statements to MENA Monday, he also said, the conference witnessed the signing of 29 private investment agreements and Memoranda of Understanding (MoUs) worth €49 billion between European and Egyptian companies, including in sectors such as renewable energy and hydrogen, in addition to the signing of an MoU for the disbursement to Egypt of up to €1 billion in Macro-Financial Assistance.

The two-day conference aimed to shore up Egyptian-European cooperation by attracting various European investments to Egypt, especially in the fields of infrastructure, renewable energy, water treatment and food security, said the EU official, adding that the conference was held within the framework of the strategic partnership between the two sides.

Berger stressed the EU's interest in increasing investments and enhancing Egyptian economic resilience in face of economic shocks, reiterating its pledge to continue supporting economic reforms and the private sector in Egypt.

The EU is keen on strengthening its strategic and comprehensive partnership with Egypt in all fields, said the EU official.

He praised measures taken by the Egyptian government to strengthen the country's financial and monetary stability.

Relations binding Egypt and the EU are witnessing positive development in the various fields of cooperation Berger said, citing the signing of a political declaration, to upgrade relations between the two sides to the level of a strategic and comprehensive partnership in March 2024, in recognition of the important geostrategic role Egypt plays as a pillar of stability in the region.

The strategic partnership between Egypt and the EU includes six axes, the most important of which is the investment one, he said, adding that the two parties affirmed their commitment to enhancing cooperation in various important economic areas, including trade, infrastructure, energy, agriculture, food security, digital transformation, water security, sanitation networks, small, medium, micro enterprises as well as other vital sectors.

According to the EU official, economic reforms implemented by Egypt have strengthened investors' confidence. He further referred to a possible future increase in European investments in Egypt, especially in the fields of new and renewable energy.

The EU official said European support for Egypt aims to enhance its business environment, lure more European investments to the Egyptian market and generate jobs, noting that Egypt's plans to transform into a clean energy hub will further promote its regional and international role.

The EU is Egypt's number one trade and investment partner, Berger noted.

The European Union is keen on cooperating and consulting with Egypt vis-à-vis regional and international issues of mutual concern, he said.

Thanks to Egypt’s distinguished geographical location and its membership in the African Continental Free Trade Area and the Common Market for Eastern and Southern African Countries (COMESA), Egypt is a favorable gateway for European exports to African markets, said the EU official.

The EU also gives prior attention to boosting cooperation with Egypt, with a view to facing up to illegal migration and human trafficking, together with promoting efforts meant to train workers and qualify them to work in the European labor market, according to him. (MENA)

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