CAIRO – 3 February 2020: Swiss Federal Councillor Guy Parmelin, head of Switzerland’s Federal Department of Economic Affairs, Education and Research, will conduct an economic mission to Cairo from 2-5 February.
Parmelin will be accompanied by a large Swiss delegation, composed of Members of Parliament, government officials and numerous business leaders.
Switzerland is an important investor in Egypt, where more than 60 Swiss companies are established across a wide range of sectors. Bilateral trade reached almost USD 1.3 billion in 2019 according to Swiss statistics, and Egypt is the biggest market for Swiss exports on the African continent. With a Free-Trade Agreement (through the European Free-Trade Association), a double taxation agreement and an investment protection agreement, the economic relations between the two countries take place within a solid bilateral legal framework.
Furthermore, Egypt is a priority country of Switzerland’s development and economic cooperation programme since 1979. Projects implemented since then have had a strong focus on infrastructure, urban development, job creation, financial inclusion and private sector development.
This is the first visit of Federal Councillor Guy Parmelin to Egypt, where he comes with the objectives of boosting economic relations between the two countries and providing a platform for Swiss companies to explore investment and trade opportunities in Egypt.
The Federal Councillor is due to meet in Cairo with Prime Minister Mostafa Madbouly and Minister of Trade and Industry Nevine Gamea. He will also take part in a Swiss-Egyptian Investment Forum organized by Egypt’s General Authority for Free Zones and Investments (GAFI), which will provide an adequate platform to gain an overview of the investment climate in Egypt and explore new investment opportunities for Swiss businesses.
The programme of Federal Councillor Parmelin also includes visits to Swiss companies, projects of the Swiss cooperation programme, and cultural sites.