Bern, Switzerland - Egypt and Switzerland convened the inaugural meeting of their Joint Economic Committee in Bern, the Swiss capital, as announced by the Egyptian Ministry of Planning and Economic Development. This technical-level meeting, presided over by the Ministry, marks a significant step towards strengthening the economic, trade, and investment ties between the two nations.
The meeting follows the signing of an agreement to establish the Joint Economic Committee in January, during the World Economic Forum (WEF) in Davos. The signatories were Egypt's Minister of Planning and Economic Development, Dr. Rania Al-Mashat, and Ms. Helene Budliger Artieda, State Secretary for Economic Affairs (SECO) of Switzerland. This demonstrates a mutual commitment to building an institutional framework for economic cooperation and exploring concrete avenues for collaboration.
During the meeting, Minister Al-Mashat emphasized that the "Egypt-Switzerland Joint Economic Committee represents a crucial platform for advancing economic, trade, and investment relations between our two countries." She added that the committee's role will be to identify new cooperation opportunities, address existing challenges, and evaluate and enhance existing economic agreements to serve mutual interests.
Key topics discussed at the meeting included:
Development cooperation
Strengthening private sector partnerships
Developing the 2025-2028 Joint Cooperation Program
The Egyptian delegation comprised high-ranking officials from various ministries, including the Ministry of Foreign Affairs, the Ministry of Finance, the Ministry of Investment and Foreign Trade, and the Ministry of Labor, as well as representatives from the Central Bank of Egypt and the business community.
Minister Al-Mashat highlighted the significant progress in Egyptian-Swiss relations, noting that Egypt is currently Switzerland's largest trading partner in Africa. She underscored the strong economic links between the two countries, emphasizing Switzerland's position as a major European economic power with high competitiveness in diverse sectors due to its innovative technologies and stable economic system. Strengthening economic cooperation with Switzerland is expected to positively impact Egypt's economic development.
The Egyptian delegation provided a detailed overview of the national structural reform program aimed at improving the investment climate and enhancing macroeconomic stability. They also highlighted the proactive implementation of predictable fiscal and monetary policies. Key discussion points included the achievements of Egypt's economic reforms, the outcomes of the fourth review of the International Monetary Fund (IMF) program, and strategies for leveraging agreements such as the African Continental Free Trade Agreement (AfCFTA) and the European Free Trade Association (EFTA) to foster trade relations. The AfCFTA, aiming to boost intra-African trade and promote economic integration, presents a potential avenue for Egypt to expand its economic cooperation with Switzerland across the African market.
Egyptian officials reiterated their ongoing commitment to creating a favorable investment environment, improving the business climate, ensuring fair competition, and increasing private sector participation. These efforts reflect the Egyptian government's strong desire to attract foreign investment, stimulate economic growth, and lay the foundation for long-term economic development.
Both sides agreed to continue dialogue and cooperation to promote investment and support the 2025-2028 Swiss-Egyptian Cooperation Program. Switzerland has long been a significant development cooperation partner for Egypt, and the new program is expected to deepen the cooperative relationship between the two nations.
In addition to the main committee meeting, bilateral discussions were held. The Egyptian delegation engaged with the Swiss Agency for Development and Cooperation (SDC) to discuss future cooperation programs. They also explored opportunities for joint ventures in the African market, with Egypt as a hub, and collaboration on an event scheduled for June in Geneva with the Swiss-African Chamber of Commerce. Furthermore, discussions were held with Swiss Re, a global reinsurance company, regarding risk management and a proposed cooperation in Egypt's agricultural sector, aiming to diversify areas of collaboration.
The relationship between Egypt and Switzerland spans over 45 years, with Switzerland becoming a key development cooperation partner for Egypt in 1979. In 2023, Egypt's exports to Switzerland reached $470 million, while Swiss exports to Egypt exceeded $1 billion. Moreover, over 82,000 Swiss tourists visited Egypt, indicating active people-to-people exchanges. This growing economic and human interaction provides a positive foundation for the continued development of bilateral relations.
The first meeting of the Joint Economic Committee is anticipated to be a pivotal moment in advancing the economic partnership between Egypt and Switzerland. By sharing mutual interests and discussing concrete cooperation strategies, both nations are expected to achieve tangible results. The synergy between Egypt's economic reform efforts and Switzerland's advanced economic system holds the potential to provide new growth impetus for both countries. Moving forward, continued dialogue and collaboration are expected to pave the way for mutual prosperity.
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