French firms adamant to boost investments in Egypt

French companies are adamant to boost investments in Egypt as improving economic conditions have promoted French investors' trust in the Egyptian economy, the head of a visiting French companies team said.

In an interview with MENA Tuesday, Patrick Lucas said trust is a key factor for luring foreign investments to Egypt and this was what French businessmen have felt since the election of President Abdel Fattah El Sisi.

The three-day visit of the 30-strong delegation is the 11th since the establishment of the Movement of the Enterprises of France(MEDEF), he said.

He added that the visit comes within the framework of furthering the Egyptian-French ties after visits to France by President Abdel Fattah El Sisi in November 2014 and Prime Minister Ibrahim Mahlab in May.

Sisi and Mahlab have presented to investors clear visions on means of developing the infrastructure and the energy sector, he said.

He added that the clear roadmaps issued during the recent Sharm el Sheikh economic conference contributed to allaying investors fears and showing that economic conditions in Egypt are getting better.

Concerning the difficulties facing French companies in Egypt, he said French companies face administrative obstacles in addition to lack of energy supplies and hard currency, but despite these difficulties, the companies seek to expand their business in Egypt.

Lucas noted that the delegation will visit the new Suez Canal project and will hold meetings with decision makers of the Egyptian public and private sectors as well as heads of local and foreign companies.

He added that France considers Egypt as a huge market and French investments kept up in Egypt even at hard times.