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Al-Ahram Weekly 25 - 31 March 1999 Issue No. 422 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly 25 - 31 March 1999 Issue No. 422
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region International Economy Opinion Culture Focus Profile Features Travel Living Sports People Time Out Chronicles Cartoons Letters France Expo in Cairo
FRANCEEXPO 99, the annual French export exhibition, will be held next May at the Cairo International Conference Centre. Shaimaa Labib finds out what's in store. The event, expected to last for five days, is intended to encourage French investments in Egypt and will be inaugurated by French Prime Minister Lionel Jospin.Egypt was chosen to host the event this year, "due to its success in enhancing its economic growth over the past few years and because of the French government's encouragement to French companies to come and invest in Egypt," the French ambassador to Cairo, Rochereau de La Sabliere, said at a press conference.
More than 180 French companies are expected to participate in this exhibition, including 50 companies already operating in Egypt. The French ambassador added that by organising FranceExpo 99 in Egypt, "we provide the means through which French businessmen can meet with their Egyptian counterparts and discuss ways of enhancing economic collaboration between the two countries."
Commercial exchange between Egypt and France is currently at LE5.7 billion, making France the third largest exporter to Egypt. The total figure for investments of French companies operating in Egypt -- currently 100 companies -- along with the 30 Egyptian-French joint-ventures stands at approximately LE988 million. These companies tend to invest either money or expertise in the transportation, power and telecommunications sectors, as well as in water supply, cement and iron production.
However, French investors and those concerned with bilateral trade relations stress the importance of having Egyptian exports conform to European standard specifications so as to better compete in European markets.
The French government has allocated 300 million French francs to French companies operating in Egypt. "This sum is intended to act as a hedge against commercial and investment risks that could be faced in the Egyptian market," said de La Sabliere.
The French government is also planning, in collaboration with the European Investment Bank, to compensate French companies for 50 per cent of any investment losses as a means of encouraging them to invest in Egypt.
According to the French commercial and economic counsellor in Cairo, Yves de Ricaud, "The French government is eyeing the Toshka project closely with the intention of encouraging French companies to invest in it. Announcements in this respect are expected to take place during the exhibition."
Abdel-Moneim Saudi, chairman of the Egyptian Federation of Industries, said, "The Egyptian government, for its part, is offering many investment incentives to French companies since it realises that the success of these companies is going to be the motivating force that will drive French and other foreign companies to come and invest in Egypt."
