Madrid: During his visit to Spain for the 7th Union for the Mediterranean (UfM) Trade and Investment Forum, Minister Plenipotentiary for Commercial Affairs Dr. Abdel Aziz El-Sherif, First Undersecretary and Chairman of the Egyptian Commercial Service (ECS), held a series of high-level meetings in Madrid to strengthen economic, trade, and investment relations between Egypt and Spain, building on recent high-level visits between the two countries.
According to State Information Service Egypt, the discussions included meetings at the Spanish Ministry of Economy, Trade and Business with the Directorate-General for Economic and Trade Intelligence, Mr. Juan Luis Gimeno Chocarro, and Deputy Assistant Minister for Africa and the Middle East, Javier Alvarez, alongside members of the ECS. Key topics focused on enhancing bilateral trade and investment, deepening strategic partnership ties, and exploring new investment opportunities.
El-Sherif emphasized that Spain is one of Egypt's top trading partners in the EU, highlighting the momentum in bilateral relations following high-level visits, including the King of Spain's September visit to Egypt, which featured a joint Egyptian-Spanish business forum. These efforts follow up on the outcomes of President Abdel Fattah El-Sisi's visit to Spain, strengthening economic cooperation.
The meetings also addressed plans to hold the first economic dialogue under the memorandum of understanding signed during the presidential visit, as well as the initial meeting of the restructured Egyptian-Spanish Business Council, with discussions ongoing to organize a joint economic dialogue and business forum in early 2026.
Highlighting trade growth, Dr. El-Sherif noted that Egyptian exports to Spain reached pound 1.68 billion in 2024, with non-oil exports exceeding pound 1.47 billion, resulting in a trade surplus of pound 225 million. Major exports include iron and steel, fuels and mineral oils, fertilizers, plastics, and fruits and vegetables.
He emphasized the importance of increasing Spanish investments in Egypt, pointing out that current investments are around pound 1 billion and still below their full potential. Spanish companies were encouraged to explore Egypt's promising opportunities and competitive incentives.
At the end of his visit, El-Sherif met Marta Blanco, President and CEO of CEIB International, to discuss Spanish participation in the upcoming economic dialogue and business forum. Blanco expressed strong interest in expanding Spain's business presence in Egypt, affirming Egypt as a strategic economic and trade partner for Spain.