This committee was formed following the Egypt-Switzerland Joint Economic Agreement, signed by Ministers Al-Mashat and Helene Budliger Artieda, State Secretary for Economic Affairs of Switzerland, during the World Economic Forum in Davos last January.
Al-Mashat stated the committee signifies both nations'
commitment to enhancing economic ties, exploring market opportunities, and
updating agreements to benefit both sides. She emphasized its role as a platform
for fostering investment.
She emphasized the significant development in Egyptian-Swiss
relations, with Egypt now Switzerland's leading trade partner in Africa. Over
100 Swiss companies have direct investments in Egypt across sectors like
pharmaceuticals, food, and logistics, reflecting Egypt's commitment to
expanding joint cooperation.
The committee addressed methods for strengthening
Egypt-Switzerland bilateral relations. Delegates from both nations discussed
economic developments in the context of global shifts. The Egyptian side
presented its National Structural Reform Program and measures to enhance
macroeconomic stability through predictable fiscal and monetary policies.
The committee also addressed the economic and structural
reform program's progress, including the IMF's fourth review. Discussions
covered boosting trade and investment, particularly considering Egypt's free
trade agreements with Africa and the European Free Trade Agreement.
Multilateral trade relations and WTO priorities for both nations were also on
the agenda.
The Ministry of Planning delegation highlighted the state's
commitment to fostering an attractive investment climate, enhancing the
business environment, ensuring fair competition, and empowering the private
sector. They emphasized the drive to attract both local and foreign investment
through initiatives like the State Ownership Policy Document, which governs
state involvement in specific economic areas and promotes private sector
growth.
Concluding the committee meeting, both sides committed to
ongoing dialogue and enhanced coordination to facilitate investments and
support the new Swiss Cooperation Programme in Egypt, aligning with Egypt's
Vision 2030. They also agreed to boost cooperation to invest in human capital
and achieve sustainable economic development.
During the committee meeting, three side meetings took
place: one with the Swiss Agency for Development and Cooperation to discuss
preparations for the new Cooperation Programme 2025-2028, and the ongoing and future cooperation
projects between the two sides; another with the Swiss-African Business Chamber
to discuss cooperation in Africa through Egypt and existing coordination with a
number of Egyptian companies, as well as the event scheduled for June in Geneva
with the participation of Swiss companies operating in Africa; and a third
meeting with the insurance company Swiss Re to explore cooperation in risk
management and agriculture.
It is worth noting that Egyptian-Swiss relations extend for more than 45 years, with Switzerland as a development partner since 1979. Investment and trade ties have significantly grown recently; in 2023, Egyptian exports to Switzerland reached $470 million, while Swiss exports to Egypt totaled about $1 billion. Over 82,000 Swiss tourists visited Egypt.