Elsewedy Industrial Development, a subsidiary of Egypt-based cable maker Elsewedy Electric, has received a high-level delegation from Business France, to visit one of the former company’s projects in 10th of Ramadan City, Sharqia Governorate, Invest-Gate reports.

The meeting aims at promoting Egypt as a global investment destination, while also shedding light on Elsewedy’s business fields and opportunities for cooperation with French entities represented by Business France, according to a press release on December 10.

Besides, the visit comes to activate the Memorandum of Understanding (MoU) that both parties had previously signed last February, during the promotional tour organized by Elsewedy in France, along with several other European countries, in a bid to encourage joint commercial initiatives.

On his part, Chief of Investment and Business Development at Elsewedy Industrial Development Mohamed Ashour noted, “France represents a strategic partner for Egypt in many fields, especially investment and business. Business France delegation’s visit represents a distinguished page for relations between the two countries.”

“The industrial zones that we are developing nationwide represent a valuable investment grab to French investors, thanks to the advanced facilities and services across the board, in addition to the provision of the necessary well-trained laborforce,” Ashour was quoted as saying.

Meanwhile, Commercial Counsellor at the French Embassy in Egypt and Director of Business France Philippe Garcia confirmed that Egypt represents one of the most important investment destinations in the region. He also emphasized the focus of attention of major French investors to tap into Egyptian markets now more than ever.

Business France’s visit coincides with the official visit of President Abdel-Fattah El-Sisi to France. Business France is a French government agency that promotes French exports and investments around the world, not to mention foreign investments in the Western European nation.