Cairo: Minister of Investment and Foreign Trade Hassan el-Khatib affirmed the State's commitment to attracting foreign investments that combine economic feasibility with environmental sustainability, noting that the renewable energy sector represents one of the main drivers of growth in the coming period.
According to State Information Service Egypt, during a meeting with Norwegian ambassador in Cairo Erik Husem, CEO of Norwegian company Scatec Terje Pilskog, and Vice President of the European Investment Bank (EIB) Gelsomina Vigliotti, discussions focused on expanding Scatec's investments in Egypt's renewable energy market. The minister reviewed existing cooperation projects in solar energy, reflecting Scatec's pivotal role in supporting Egypt's efforts to increase the contribution of renewable energy to its electricity mix by 2030.
The minister highlighted Egypt's natural advantages and robust infrastructure that enable it to host major clean energy projects. He emphasized the ministry's dedication to creating an attractive investment climate through legislative and regulatory incentives, aiming to accelerate project implementation and ensure sustainability.
Khatib also discussed Scatec's plans to diversify its investments in Egypt, particularly in renewable energy-powered water desalination and the establishment of green data centers. These initiatives are intended to enhance Egypt's economic competitiveness, support digital transformation, and reduce the carbon footprint.
The minister assured the Ministry's support for the company's initiatives by coordinating with relevant authorities to provide necessary land and expedite procedures, facilitating the transformation of these plans into operational projects that add value to the national economy.
The Norwegian ambassador expressed strong interest in bolstering economic and investment cooperation with Egypt, highlighting partnerships with leading Norwegian companies in renewable energy as a testament to the depth of bilateral relations and a commitment to clean energy and sustainable development.
Meanwhile, the CEO of Scatec expressed the company's appreciation for its ongoing cooperation with the Egyptian government, affirming Egypt's strategic importance for its investments in the Middle East and Africa, given the clear government vision and promising opportunities in renewable energy and green solutions.