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Egypt's ambassador in Oslo: The economic boom in our country has made it a destination for foreign investments

Ambassador Amr Ramadan, Ambassador of the Arab Republic of Egypt to Norway and Iceland, participated as a guest of honor in the activities of the Tenth Business Summit of the Five Nordic Countries with Africa, which was organized by the Norwegian-African Business Association in cooperation with the Norwegian Ministry of Foreign Affairs and the Norwegian Development Fund, with the participation of the Norwegian Minister of Foreign Affairs, and several CEOs of companies And leading institutions in the business sector in Norway, Sweden and the United Kingdom, and a session was devoted to doing business in North African countries, in front of which the Egyptian ambassador spoke. .

The ambassador opened Egypt’s speech by making a simple comparison between Egypt and Norway, explaining that Norway’s area is nearly two-thirds of Egypt’s, but Egypt’s population is 20 times that of Norway, making the per capita GDP in Egypt $3,000, while it is 90,500 in Norway, which is 29 times its counterpart in Egypt, although the disparity in the size of the GDP between the two countries is not that large, as it is in the case of Norway 444 billion dollars, while in the case of Egypt it reached 363 billion dollars in 2020, that is, it is less by just 20%, due to this Mainly due to the high population density in Egypt, which amounts to 103 persons per square kilometer with an annual population growth of 1.9%, while the population density in Norway is only 15 persons per square kilometer with a mere 0.7% population growth annually.

The Egyptian ambassador stressed that although the Corona virus pandemic has affected global flows of foreign direct investment, especially to Africa, where it decreased by 16% in 2020 to reach a mere $40 billion, the decline in the case of the North African region was greater by 25%, as it was not Foreign direct investment is $10 billion, down from $14 billion in 2019. However, Egypt remained the largest recipient of investments in Africa, with investments of $5.9 billion in 2020, thanks to the measures taken by the government to maintain the business climate as attractive as possible in light of Global conditions, in addition to investors’ confidence in the potential prospects of the Egyptian economy, and the country’s success in achieving security, political stability and steady economic progress, where the growth rate reached 3.6% last year, and the target is to return to a rate of 5.7% over the next few years, which makes us in line with the average The expected global level and we may exceed it, as well as the president’s interest in establishing huge economic projects such as the new administrative capital and developing the road network, airports, seaports, railways, and areas He pointed out that the world's largest triple water treatment plant was inaugurated in Bahr al-Baqar a few days ago, at a cost of $10 billion.

The Egyptian ambassador expressed his dissatisfaction with the volume of trade between Egypt and Norway, which has not exceeded 180 million dollars, after it had reached 400 million three years ago, and remains inclined in favor of Norway, as Egypt imports 136 million dollars while exporting Egyptian products with about 44 million dollars only. , which is not befitting the size of the two countries and may be the size of the trade of one company. The ambassador pointed out that the embassy made a great effort during the past year to amend this situation, but the matter still needed efforts on both sides, pointing to the success in doubling Egypt's exports of fruits and vegetables to Norway within one year, but the quantity is still small. The ambassador noted that Egypt succeeded in opening new markets for vegetables and fruits, especially in China, the European Union and East Asian countries. It also succeeded in lifting the ban on Egyptian agricultural exports to some countries, which confirms the safety of Egyptian fruits and vegetables, pointing to the approved international export stations in Egypt, which Fresh fruits and vegetables are checked and checked for their conformity to international standards before they are exported, such as Tabarak and Green Egypt stations on Ismailia Road.

The Egyptian ambassador also reviewed the investment opportunities available in the field of renewable energy in Egypt in light of Egypt’s announcement of the Sustainable Energy Strategy 2035, which aims to raise reliance on renewable energy to 20% by 2022, and to 42% by 2035, with the Egyptian government continuing to encourage companies International oil companies are encouraged to participate in explorations in the oil and gas sector, including Norwegian companies, where Norway produces 2 million barrels per day and ranks thirteenth in global production - while Egypt produces 700 thousand barrels per day and ranks 27th - and where more than fifty international oil companies operate. In Egypt, especially with international energy companies showing great interest in exploration activity in the eastern Mediterranean, which the US Geological Survey estimates could contain more than 340 trillion cubic feet of natural gas.

On the other hand, Ambassador Amr Ramadan pointed to the renaissance witnessed by the aquaculture sector in Egypt, where the local production of fish reached 2.2 million tons in 2020, achieving nearly 80% self-sufficiency, noting that 21 sites have been offered to investors to establish natural fisheries for fish products. The various sites, including nine sites in the Red Sea, and 12 in the Mediterranean, pointing to the new cooperation that already exists with major Norwegian companies in this field.

The Egyptian ambassador concluded his speech by encouraging Norwegian investors to communicate with the General Authority for Investment or the General Authority for the Development of the Economic Zone of the Suez Canal directly, explaining their websites on the Internet, or through the embassy, ​​which spares no effort to provide the necessary assistance to investors.