Business activity in Egypt
Switzerland is proud to say that the economic relations with Egypt are outstanding in terms of quality. In terms of relative quantity, remarkable results have been achieved.
More than 100 Swiss companies are established in Egypt, including Novartis, Nestlé, Holcim (minority stake in Egyptian Cement Company), ABB, Clariant, Bühler, SGS, Ciba Vision, Roche, Hero, UBS, CS-Group, Alexoil.
In 2004, the trade volume amounted to CHF 423 Million and the stock of Swiss Direct Investment in Egypt was CHF 338 Million (end 2003).
The number of tourists from Switzerland increased from 95’614 in 2003 to 132’886 (+39%) in 2004, and the number of nights from 797’265 to 1’304’050 (+64%).
There is a potential for increased cooperation in the textile sector by matching high Swiss technology with Egyptian cotton.
Other areas of cooperation include agricultural products (fruits and vegetables), food processing and life sciences.
Implementation of the Free Trade Agreement with EFTA States
June 24, 2008
Within the framework of the Free Trade Agreement between Egypt and Switzerland and the EFTA States, the Embassy of Switzerland in Cairo and the Swiss Egyptian Business Association (SEBA) in collaboration with the Ministry of Trade and Industry will organize a workshop to highlight on the implementation of the Free Trade Agreement which will be held on Tuesday, June 24, 2008.
The main objective of the workshop is to bring to the attention and awareness of the business sector the privileges and opportunities which are offered by the agreement, and which will in turn increase the trade balance between the State Members.
The Workshop will be inaugurated by H.E. the Ambassador of Switzerland in Cairo Mr. Charles-Edouard Held, with the key Government officials from the Ministry of Trade and Industry as well as the Egyptian Customs Authority. In addition, the workshop will be attended by a large number of businessmen of various sectors in collaboration with export councils business members.
It is worth mentioning that the Free Trade Agreement was signed between Egypt and the EFTA States (Switzerland, Liechtenstein, Norway, and Iceland) on January 27, 2007 and got into force at the beginning of August 2007.
The main purpose of such agreement is to enhance the bilateral relations between Egypt and EFTA States and to also support the economic integration in the Euro Med Region through establishing a free trade zone. The free trade agreement with EFTA countries will also support bilateral investments, the protection of intellectual property rights, as well as the economic development cooperation programs in Egypt through financial and technical assistance.