The Egyptian-European Business Council praised Sunday the Joint Political Declaration document between President Abdel Fattah El Sisi and President of the European Commission Ursula von der Leyen to raise relations between Egypt and the European Union to the level of a strategic partnership, in a way that raises the partnership between the two sides to its full potential to achieve common political, economic, and security interests, in the presence of the prime ministers of Belgium, Italy, Greece, Austria, and Cyprus.

The Council also welcomed – according to a statement – the financial package included in the announcement, which amounts to EUR 7.4 billion, and includes concessional financing and guarantees to encourage more European investments in Egypt and technical support for a number of cooperation projects.

The Council affirms the great importance that Egypt enjoys in the Mediterranean region as a pillar of security and stability, in addition to its indispensable role in achieving peace and confronting
terrorism and illegal immigration, in addition to the great European appreciation for the great economic potential that Egypt enjoys.

The Council believes that this partnership will have major economic benefits for Egypt, and will contribute to attracting huge European investments to Egypt in many sectors, including industry, energy, gas, renewable energy, green hydrogen, and electrical connection projects, which contributes to creating many job opportunities for young people, opening large export markets and raising citizens’ standard of living.

The Council affirms that Egypt, with its natural and human potentials, unique location, the free trade agreements it has signed, its competitive labor costs, and advanced infrastructure, is qualified to be a gateway for European and international companies to access the Middle East and Africa.

Source: State Information Service Egypt