Within the framework of the strategy of the Ministry of Investment and Foreign Trade (MIFT), chaired by Dr. Mohamed Farid, aimed at strengthening international partnerships and accelerating investment momentum in light of the State's and political leadership's orientation to enhance Egypt's position as a regional hub, the first session of Egypt-Finland Business Forum was launched under the title “Egypt's Investment Landscape: Unlocking Investment and Trade Potential," with high-level participation from government representatives and business leaders from both sides.
Eng. Mohamed El Gawsaky, CEO of the General Authority for Investment and Free Zones (GAFI CEO), reviewed in his speech the Egyptian government's efforts to create an attractive business environment over recent years. These include the administrative reform program, training employees to respond to major developments and technological advances, continuing digital transformation efforts, and integrating artificial intelligence into administrative decision-making processes, in addition to deepening the industrial base, which provides significant opportunities for partnerships between the Egyptian and the Finnish sides, particularly in telecommunications and information technology sectors, engineering industries, and healthcare sector.
GAFI CEO added that the Egyptian government has activated all incentives stipulated in the Investment Law, noting that the strategy of MIFT and its affiliated authorities is based on continuous dialogue with the business community, as it represents the foundation for ongoing development of Egypt's business environment.
Eng. El Gawsaky further stated that Egypt's development plans aim to improve the utilization of human capital and enhance its competitiveness in terms of efficiency and cost, creating significant economic growth opportunities, especially in the technology sector.
The global shift toward remote work and outsourcing has contributed to increasing job opportunities for Egyptians in engineering and software development fields. Moreover, he emphasized that the government is working to align supply and demand for human capital, and that expanding vocational training programs and establishing universities meets the current and future investment demand for human capital in Egypt's labor market.
On his part, Mr. Jarno Syrjälä, The Under-Secretary of State for International Trade, stated that the Government of Finland and its investors view Egypt as a cornerstone for investment and trade with other partners in Africa and the Arab world, in addition to its growing role in recent years as a hub in global value chains.
He expected that technology and artificial intelligence will drive investment cooperation between the two countries, noting that the Finnish technology sector is distinguished by fostering innovation and providing optimal solutions for environmental and economic sustainability, ensuring regulated and enhanced industrial and technological growth.
He invited the Egyptian business community to form long-term partnerships in the fields of technology, vocational training, and technical education. Mr. Jean François Baril, CEO of HMD Global, emphasized his company's desire to contribute to Egypt's digital transformation efforts and transfer Finnish expertise in technological infrastructure, artificial intelligence, robotics industry, data centers, and financial technology to the Egyptian market, which has significant opportunities and strong human capabilities in engineering and software development.
Eng. Ayman Korra, the General Manager of Huhtamaki Egypt, a Finnish company specializing in paper recycling and fiber and pulp-based packaging, stated that Egypt has become a more open market to foreign investment in recent years. The investment environment has been supported by several stimulating legislations, in addition to billions of dollars invested in infrastructure, and hosting the 27 th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Sharm El-Sheikh reflects Egypt's strong commitment to sustainable growth and development, paving the way for strong future economic expansion.
Mr. Mark Mashreki, CEO of Eagle Timber, a company specialized in wood import and trade in Egypt, emphasized the strength of relations between the two countries, noting that Egypt imports 10% of Finland's wood production. This creates significant opportunities for manufacturing furniture, paper, and other wood products in Egypt using Finland's more sustainable technology, while also benefiting from Egypt's highly skilled human capital.