Federal Councillor Guy Parmelin to travel to Egypt

Bern, 31.01.2020 - Bern, 31.01.2020. Federal Councillor Guy Parmelin, the head of the Federal Department of Economic Affairs, Education and Research EAER, will travel to Egypt from 2 to 5 February, accompanied by a business delegation. The aim of the visit is to support and promote the Swiss private sector in Egypt, to deepen bilateral economic relations with the country, and to assess the business climate. Switzerland's economic cooperation and development programme will also be a central theme of the visit.

The head of the Federal Department of Economic Affairs, Education and Research EAER will arrive in Cairo in the early evening of 2 February, and will have the opportunity the next day to visit a Swiss company and a vocational training centre supported by the Swiss cooperation programme. Also that day he will take part in a Swiss-Egyptian business forum organised by the Egyptian General Authority for Investment and Free Zones. On 4 February, he will hold official talks with Prime Minister Mostafa Madbouly and the Minister of Trade and Industry, Neveen Gamea. The talks will focus on the state of bilateral economic relations and the Swiss cooperation programme, the free trade agreement between the European Free Trade Association (EFTA) and Egypt, general conditions for investment and business opportunities for the Swiss private sector, and future prospects.

The head of the EAER will be accompanied by a dozen or so Swiss business representatives, as well as by the president of the National Council Economic Affairs and Taxation Committee and the president of the Council of States Foreign Affairs Committee.

Switzerland is a major investor in Egypt, where around 60 Swiss companies are established. In 2019, Egypt was Switzerland's most important export market on the African continent, generating CHF 1.2 billion. Economic relations between Switzerland and Egypt are based on a free trade agreement (through EFTA), an agreement on the reciprocal promotion and protection of investment, and a double taxation agreement. Economic relations between Switzerland and Egypt take place within a solid bilateral legal framework.

In addition, Egypt has been a priority country for the State Secretariat for Economic Affairs SECO in terms of economic cooperation and development since 1979. Switzerland's activities have been supplemented by those of the Swiss Agency for Development and Cooperation SDC, the Human Security Division HSD of the Federal Department of Foreign Affairs FDFA, and the State Secretariat for Migration SEM. The three areas of intervention are ‘democratic processes and human rights’, ‘sustainable, inclusive economic growth and employment’, and ‘protection and migration’. The projects implemented by SECO place particular emphasis on basic infrastructure, urban development, the creation of quality jobs, financial services and governance conducive to private sector development.

Economic indicators [1]

Egypt

Trade volume (2019): CHF 1.3 billion

Imports from Egypt: CHF 73.4 million

Exports to Egypt: CHF 1.2 billion

Stock of Swiss direct investment in Egypt (2018):  CHF 612 million

Jobs generated by Swiss businesses in Egypt (2018): 10,393


[1] Sources : Swiss Customs Administration (provisory data for 2019) and Swiss National Bank


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