Egypt is making significant strides in strengthening its economic ties with Serbia and attracting foreign investment across various sectors. On July 14, 2024, Prime Minister Dr. Mustafa Madbouly met with Serbian President Aleksandar Vučić at the government headquarters in Egypt’s new administrative capital to discuss bilateral relations and economic cooperation. A key outcome of these discussions is the signing of a free trade agreement between the two countries, which is expected to double their trade volume within the next five years from its current value of $89 million.The Egyptian-Serbian Business Forum, launched on the same day, marks what Madbouly called “a new era in developing economic relations between the two countries”. Ahmed El-Wakil, head of the Egyptian Chamber of Commerce, emphasized Egypt’s status as a country of promising opportunities and economic stability, inviting Serbian cooperation in commercial and economic fields.Concurrently, Egypt is focusing on internal development and sustainability. Engineer Karem Badawy, Minister of Petroleum and Mineral Resources, highlighted the importance of environmental sustainability, reducing carbon emissions, and promoting renewable energy. The government’s program includes increasing energy production through modern technology, expanding industrial areas, and encouraging exploration and investment in the mining sector.To address ongoing challenges, such as electricity shortages, Alaa Abid, President of the Transport Committee, called for a comprehensive plan to attract more local and foreign investments in new and renewable energy projects, especially those related to solar and wind energy. Minister of Parliamentary Affairs, Mahmoud Fawzi, stressed the importance of inter-ministerial coordination to improve the quality of services provided to Egyptian citizens.These developments reflect Egypt’s broader strategy to boost its economy, modernize its infrastructure, and position itself as an attractive destination for foreign investment, while also addressing pressing domestic issues such as energy efficiency and environmental sustainability.
Key points
- Egypt and Serbia signed a free trade agreement expected to double trade volume within five years.
- Egypt is actively working to attract foreign investment in sectors including renewable energy and petroleum.
- The Egyptian government is focusing on environmental sustainability and modernizing its energy sector.
- Inter-ministerial coordination is being emphasized to improve public services and address challenges like electricity shortages.
