He expressed anticipation for robust participation by European companies in an investment conference to be held in Egypt later this year.
Shoukry made his remarks on Monday, during a breakfast meeting with the foreign ministers of European Union (EU) member states in Brussels, according to the Foreign Ministry Spokesperson Ahmed Abu Zeid.
Shoukry is in Brussels for the 10th session of the EU-Egypt Association Council.
The council is following up on efforts to increase cooperation between both sides under the framework of the EU-Egypt Partnership Priorities 2021-2027.
During the meeting, Shoukry provided an in-depth overview of the economic situation in Egypt, highlighting the country’s significant economic reforms.
He emphasized the challenges arising from the regional and international economic and security turmoil and their impact on various sectors.
The minister stressed the importance of economic, trade, and investment cooperation between Egypt and the EU to their strategic partnership.
The discussions also delved into the country’s strategy to enhance the role of the private sector.
Minister Shoukry underscored the significance of cooperation in renewable energy, electrical interconnection projects with other countries including Greece, and green hydrogen production and export initiatives.
Additionally, Shoukry outlined Egypt’s comprehensive approach and the potential areas of cooperation with the EU in combating irregular migration.
Ambassador Ahmed Abu Zeid emphasized the European officials’ affirmation of the EU’s commitment to enhancing its partnership with Egypt and elevating bilateral relations to a strategic partnership.
The EU officials commended Egypt’s balanced positions regarding the crises in the Middle East and the shared interest in advancing bilateral relations that align with the scale of current international and regional challenges, including the situation in Gaza, Sudan, Libya, and the security of the Red Sea.
Earlier Monday Shoukry met with the Spanish Foreign Minister Jose Manuel Albares and the Bulgarian Deputy Prime Minister and Minister of Foreign Mariya Gabriel.
Most important trading partner
The EU is Egypt’s most important trade partner accounting for around 25 percent of the country’s total trade.
Bilateral trade has almost tripled since the free trade agreement entered into force, growing from €8.6 billion in 2003 to €24.5 billion in 2020.
Egypt’s exports to the European Union (EU) doubled in 2022 to €8 billion, up from €4 billion in 2021. The EU is the top importer of Egyptian goods, accounting for about 30 percent of the country’s exports.
Egyptian exports to the EU mainly comprise fuels and mining products, chemicals, and agricultural products.
The EU is also the leading investor in Egypt, having provided €38.8 billion or around 39 percent of the country’s total foreign direct investment (FDI). Egypt is the second biggest recipient of EU FDI in the Middle East and North Africa region, according to the Delegation of the European Union to Egypt.