Egyptian Minister of Trade and Industry Tarek Kabil paid a visit to Paris recently to further promote Egyptian-French economic relations. During his visit at the end of February, Kabil, with his eye on increasing French investment in Egypt, held several meetings with senior French government officials and the heads of key French companies like Decathlon and Peugeot. Kabil's main goal was to update these officials and businessmen on available investment opportunities in Egypt's diverse sectors.

Kabil's visit came within the framework of the government's broader plan to lure more foreign investors to local projects, particularly in the Suez Canal Development Zone. At the top of the meeting agendas was a discussion of how to increase trade between the two countries and how to foster more strategic partnerships.

Egypt has already adopted extreme economic policies — such as the liberalization of the exchange rate and the introduction of the value-added tax (VAT) — in the hope of reviving the country's struggling economy, which is plagued by inflation and currency fluctuations. Though such procedures have severely impacted citizens' pockets, the Egyptian government, through official visits abroad, is trying to convince investors that such steps have positively impacted the investment sector.

During a meeting with members of the Egypt-France Business Council, Kabil reiterated the country's interest in building closer commercial ties with France. Kabil said that Egypt's economic reform plan, including the passing of economic legislation, has helped create an adequate environment for investment.