Visit of the Minister for Investment and International Cooperation of Egypt to Luxembourg

International Affairs

On October 16^th, the Luxembourg Chamber of Commerce organised a Round Table on the occasion of the visit to Luxembourg of H.E. Dr Sahar Nasr, Egyptian Minister for Investment and International Cooperation. The Minister was accompanied by a high-ranking delegation of government officials.

Carlo Thelen, Director General of the Luxembourg Chamber of Commerce, welcomed this very first visit of a minister from Egypt to the Chamber of Commerce although there is a promising business potential between the two countries. With 100 million inhabitants, Egypt is an important market, Africa’s second largest economy and hub to other markets in Africa, connecting the Mediterranean Sea to the Red Sea via the Suez Canal.

Minister Nasr explained that: “Recently, Egypt has adopted an ambitious economic stimulus plan encompassing a number of national megaprojects such as the construction of the New Administrative Capital to be as large as Singapore, a world-class free zone and trade hub along the banks of the newly-expanded Suez Canal, and the largest solar site in Africa. With all these projects among many others, the Egyptian market continues to be the leading market in the region offering unprecedented opportunities capturing the attention of the international investors.”

A new investment law has been issued paving the way for major enhancement in the business climate through streamlining the procedures, cutting red tapes, providing investment guarantees and incentives, and fostering governance and accountability.

She also confirmed that the discussion about a double tax treaty between the Grand Duchy and Egypt has been pursued with Minister Gramegna and that twinning arrangements could be organised.

There are a number of sectors that both Luxembourg and Egypt are pursuing: ICT, film business, start up center, renewable energy, green bonds and logistics. The Luxembourg companies that were present then had the opportunity to talk about their projects and activities on the Egyptian market. A networking lunch concluded the session at the Chamber of Commerce.