Brussels: Europe and the Arabs
On the sidelines of a major economic forum between Egypt and the European Union, Ursula von der Leyen said at the conclusion of this high-level event – ​​ahead of the launch of the first Egypt-EU summit. “Here in this hall, we have more than 300 representatives of companies from Egypt and Europe. Your presence here is proof of a simple fact. Our business communities understand that new opportunities are opening up, because Egypt and Europe are closer than ever before.
Of course, our relations have deep roots. For many years, Europe has been Egypt’s largest trading partner. Egypt exports three times more goods to Europe than it exports to the United States, China, Russia, Brazil, and India combined. But last year, we decided to take our partnership to the next level. We signed a new comprehensive strategic partnership. This is more than just a political agreement. It has already begun to deliver tangible economic results. Just a few months after we signed our Joint Declaration, you – President Sisi – invited me to Cairo to attend a dazzling investment conference. On that occasion, European companies announced investments worth €49 billion in Egypt – in sectors ranging from hydrogen to… From clean energy to digitalization, from finance to education. To put this in context: this exceeds the total European foreign direct investment (FDI) balance in Egypt, and is a tangible testament to the strength of our partnership.
Our summit today is the natural next step. We will sign a number of agreements that will unlock more business opportunities in Egypt. Let me mention two of them. First, today we are signing a new tranche of macro-financial assistance to Egypt, totaling €5 billion. Your government, President Sisi, has committed to an ambitious reform agenda. With this package, we support and catalyze these efforts, as they are vital to creating a stronger business environment and attracting more investment to Egypt. So, this is not only good news for Egypt's financial stability today, but also for its future economic potential.
Second, today we celebrate Egypt's accession to Horizon Europe—the largest research and innovation program in the world. Horizon is not only good for science; it invests in vital projects to enhance our competitiveness—from clean energy to quantum computing. This is innovation that makes a difference in the market. Now, Egyptian researchers and talent can benefit. Also.
But today, we also look forward to new opportunities for cooperation. Last week, we presented a Compact for the Mediterranean at the European Commission. It's an offer to our southern neighbors to integrate our economies more closely than ever before. The Compact includes several initiatives that will attract new investment to Egypt. For example, we will establish the T-Med investment platform, which will create a pipeline of renewable energy and clean technology projects across the Mediterranean. And we will open our AI factories to Mediterranean countries, so that companies in Egypt can develop their AI solutions on European supercomputers. The overall goal is clear. Today, we often rely on products made far away—from batteries to software. What if we joined forces to produce them in our shared region? This is a shared vision. And this is the agenda we will push forward, at today's summit and beyond.
Today's summit demonstrates our strong commitment to bringing Egypt and Europe closer together. We will continue to invest in this area, both politically and financially. But ultimately, it is you, the people here, who will make a big difference on the ground. This room is packed. With future partners. Your meetings today are tomorrow's business opportunities. Your future investments will strengthen the position of Egypt and Europe. So, my message to you is simple: There is a new bridge between Egypt and Europe. It's time to cross it and continue investing in each other.
Thank you very much for coming. Thank you very much." She said in Arabic and added, "Long live the friendship between Egypt and Europe."