The European Union Delegation to Egypt

The European Union and Egypt conclude the 10th Egypt-EU Economic Dialogue under the Auspices of the Ministry of Finance

Egypt, 18/09/2019 - 15:58, UNIQUE ID: 190918_15
Press releases

Today the European Union (EU) and the Ministry of Finance (MoF) have concluded the 10th EU-Egypt Economic Dialogue, that took place over the course of two days, September 17th and 18th, discussing the developments of the economic situation in Egypt and the fiscal and monetary policies targeting economic growth, monetary stability, and social justice mechanisms.

The Dialouge was chaired by Vice Minister of Finance for Fiscal Policies Ahmed Kachouk and a delegation from the EU headquarters headed by Elena Flores, Director for International economic and financial relations and global governance in the Directorate General for Economic and Financial Affairs (ECFIN) of the European Commission, and Ambassdor Ivan Surkoš Head of the EU Delegeaiton to Egypt; Chairman of the National Bureau for the Implementation of the EU-Egypt Association Agreement Ambassador Raouf Saad; a high level delegation from countries of the EU; Deputy Minister of Finance for Administrative & Technical development; Deputy Minister of Finance for Capital Market Operations; representatives of MoF’s Macro-Financial Policies Unit and Foreign Relations Unit; Vice Minister of Social Solidarity; and representatives of the Central Bank of Egypt.

Ms. Flores said "over the past few years Egypt has successfully stabilised its economy with a reform programme that has enjoyed strong government ownership. The country is now in a good position to build on this, notably through the implementation of further structural reforms in order to strengthen the private sector and make growth sustainable in the medium term. This will also lay the foundation for inclusion and social progress".

Through multiple development and cooperation projects and initiatives, the EU is promoting Egypt’s capacity to develop and implement policies that enhance economic reforms. The EU-Egypt cooperation addresses many of the common challenges facing both sides. Ambassador Surkoš, Head of the EU Delegation to Egypt, said: “our goal is to promote sustainable development, including the economic and social aspects, to support long-term stability on both sides of the Mediterranean, which will in turn help intensify and strengthen cooperation and political dialogue. Our aspiration is to contribute to Egypt’s sustainable stability and prosperity by meeting the needs of, and ensuring social justice for, the Egyptian people, especially women and youth.

The EU-Egypt Economic Dialogue has touched on the latest developments of the macroeconomic situation; the major prospects of fiscal development in Egypt; the country’s economic reform efforts and their impacts; as well as the mechanisms to achieve social justice and create a social security network. The discussions also included a review of the policies of Egypt’s financial and monetary sector. Furthermore, Egypt’s investment climate examined from multiple aspects, including ways to promote fair competition in the market and to reform State-owned companies and government procurement. The developments of global trade were reviewed during the meeting.

The EU-Egypt Economic Dialogue falls within the framework of the Egyptian-European partnership, which aims to deepen cooperation and enhance mutual relations in various fields. This will help achieve sustainable development, improve social solidarity and economic integration, and scale up European investments in Egypt based on the diversity and favorable investment potential of the Egyptian economy. Recent reports by international credit rating agencies and major international institutions have highlighted the tangible economic progress achieved in this regard over the past period.

The 10th meeting of the EU-Egypt Economic Dialogue is a continuation of the 9th meeting held in Brussels in July 2018, which discussed multiple economic issues, as well as topics related to electric power and stimulating the growth of renewable energy. The 9th meeting introduced participants to the expertise of the EU in developing energy security strategies, including power grid governance and energy diversification. These experiences were later utilized by Egypt.

 

 

 

 

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