CAIRO: Swedish companies have expressed “good signs of interest” in Egypt in the lead-up to the economic summit scheduled to kick off Friday, said Swedish Ambassador Charlotta Sparre.
“We hope that the new investment law will provide more clarity on the legal framework related to investments in the country and more guarantees and protection for the investors. This would contribute to attracting more investors to the country and encourage more companies to explore the Egyptian market,” Sparre told Youm7 via email.
Sparre confirmed that the Swedish State Secretary would lead the delegation to the conference, adding that many Swedish companies already operating in Egypt, including ABB Scania, Ericcson, Electrolux, and Tetra Pak, would participate in the conference.
“Egypt is Sweden’s largest market in Africa, and third the Middle East and North Africa (after Saudi Arabia and UAE,)” Sparre wrote, adding that there was a 26 percent increase in trade from Sweden to Egypt in 2014 compared with the year before.
Sparre, however, noted that the energy crisis and currency supply issues facing Egypt remained a major challenge for Swedish companies.
“We believe that the Swedish experience in the field of innovation and entrepreneurship could be of benefit to Egypt’s economic growth and contribute to job creation in the country. And we will work during this year on bringing together Egyptian and Swedish entrepreneurs and involve Sweden’s innovative companies to share their knowledge and exchange their experience in the field,” Sparre added.