CAIRO, March 4 (MENA) - Egypt's Ambassador to the Swiss Federation Mohamed Negm has organized a ceremony to celebrate the establishment of a Chamber of Commerce between Egypt and Switzerland, similar to the Swiss Egyptian Chamber of Commerce “SwissCham Egypt”.

The move falls within the framework of the top priority given by Egypt to strengthening trade and investment relations with world countries, attracting investments, and opening markets for Egyptian exports abroad.

During the ceremony, ambassador Negm highlighted the importance of the new chamber in achieving the desired integration with the upcoming first round of the joint economic committee between Egypt and Switzerland.

The ambassador pointed out to the importance of the participation of representatives of the private sector in the joint economic committee with the aim of strengthening economic, trade and investment cooperation between the two countries, despite the geographical and structural differences.

The launching ceremony was attended by Ivo Germann, the head of the Foreign Economic Affairs Directorate at the State Secretariat for Economic Affairs (SECO) in Switzerland, as a guest of honor, officials of the Swiss foreign ministry and Plenipotentiary and Head of the Egyptian Commercial Office Ahmed Maghawry.

Prince Mohamed Ali (son of the late King Ahmed Fouad) and 30 Egyptian and Swiss businessmen were present at the ceremony.

Egypt is Switzerland's top trading partner in Africa and the largest market for Swiss exports in the continent, with a volume of trade exchange between the two countries amounting to some 1.26 billion Swiss francs, according to 2023 statistics.

Switzerland is the seventh largest foreign investor in Egypt, with the total direct investments estimated at 1.2 billion dollars, according to 2023 records.

As many as 100 Swiss companies are operating in Egypt, creating more than 25,000 jobs in the fields of energy, pharmaceuticals and food industries. (MENA)

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