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Egypt and France discuss economic stability, energy security, and investment cooperation
via Egypt Today2 min read
Egypt and France recently held high-level talks in Cairo to discuss strengthening economic cooperation and addressing the impact of geopolitical tensions on global and regional economies. Ahmed Rostom, Minister of Planning and Economic Development, affirmed Egypt's commitment to fiscal discipline and structural reforms to enhance macroeconomic stability. He highlighted efforts to secure energy supplies, expand strategic reserves, and diversify energy sources, including increased reliance on renewables and exploration. Rostom also mentioned the development of innovative financing mechanisms for infrastructure projects to attract private sector participation. The discussions, which included a French delegation led by Paul Teboul, Assistant Minister of the French Treasury, and French Ambassador to Cairo Eric Chevallier, covered the impact of geopolitical tensions, rising energy costs, and opportunities to deepen economic ties under Egypt鈥檚 Vision 2030. Rostom noted Egypt's economy grew by 5.3 percent in the first half of the fiscal year, attributing this resilience to ongoing reforms. The French delegation praised Egypt's policy response to global shocks and expressed readiness to support expanded financial cooperation and investment, particularly in infrastructure and priority development sectors.
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Egypt has officially adopted the U.S. Federal Motor Vehicle Safety Standards FMVSS, a move intended to expand automotive trade with the United States and increase access to American-made vehicles and parts. The announcement was made during a visit by U.S. Assistant Secretary of Commerce for Industry and Analysis Steven Haines to General Motors' production facility in 6th of October City. He was joined by U.S. Charg茅 d鈥橝ffaires Robert Silverman, Minister of Investment and Foreign Trade Mohamed Farid, Minister of Industry Khaled Hashem, and General Motors Egypt General Manager Rohan Fernandes. Haines stated that this decision creates a clear pathway for increased U.S. vehicle and auto parts exports to Egypt, building on over $256 million in U.S. automotive exports to Egypt last year. The U.S. Embassy indicated that adopting these standards will streamline imports of U.S. vehicles and components, enhance competition in Egypt's automotive market, and offer consumers greater access to American-made vehicles and spare parts. General Motors welcomed the development, noting it provides greater regulatory certainty and has already facilitated the return of the Cadillac brand to the Egyptian market. This agreement is also expected to strengthen bilateral economic ties by supporting U.S. automotive exports and creating new opportunities for Egyptian businesses and consumers.
Egypt has strongly condemned recent threats targeting Saudi Arabia, rejecting any escalation that could jeopardize the Kingdom's security or regional stability. In an official statement, the Ministry of Foreign Affairs denounced these threats as irresponsible actions that undermine regional stability, endanger international trade, and threaten maritime navigation in vital waterways. The ministry stated that these actions violate international law, the United Nations Convention on the Law of the Sea, and relevant UN Security Council resolutions. Egypt reaffirmed its full solidarity with Saudi Arabia and other Gulf Cooperation Council member states, expressing complete support for measures taken by the Kingdom to protect its security, stability, sovereignty, and territorial integrity. The statement also emphasized the importance of prioritizing political and diplomatic solutions while adhering to international legal frameworks to achieve de-escalation and maintain long-term peace in the region.
Egypt鈥檚 Minister of Foreign Affairs, International Cooperation, and Expatriates, Badr Abdelatty, met with Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, in Abu Dhabi. The ministers praised the strong Egyptian-Emirati relations, guided by the directives of Egyptian President Abdel Fattah El-Sisi and UAE President Sheikh Mohammed bin Zayed Al Nahyan, and reaffirmed their commitment to deepening bilateral cooperation. They condemned Iranian attacks on Arab states, with Abdelatty expressing Egypt's solidarity with the UAE and GCC countries, calling for an immediate halt to escalatory actions. Both officials emphasized the importance of preserving freedom of navigation in the Strait of Hormuz and rejected efforts to restrict transit through international waterways. The meeting also included discussions on regional developments in Sudan, Palestine, Syria, and Lebanon, with an agreement to maintain close coordination for regional security and peace.