In line with efforts to activate economic diplomacy between the two countries, Dr. Rania Al-Mashat and the Swiss Minister of Economic Affairs sign the Joint Committee Agreement during the Davos Forum

In the presence of H.E. Dr. Mostafa Madbouly, Prime Minister, and Mr. Guy Parmelin, Vice President of the Swiss Confederation
 
In line with efforts to activate economic diplomacy between the two countries, Dr. Rania Al-Mashat and the Swiss Minister of Economic Affairs sign the Joint Committee Agreement during the Davos Forum

 

Al-Mashat: We are committed to develop the Egyptian-Swiss economic partnership to reflect the development priorities of both countries.

 

The Joint Committee provides a broader umbrella to diversify economic and investment partnerships with Switzerland.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Helene Budliger, the Swiss director of the State Secretariat for Economic Affairs (SECO), signed an agreement to establish the Joint Economic Committee between the Arab Republic of Egypt and the Swiss Confederation during the annual meeting of the World Economic Forum (Davos). The signing was attended by H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, and Mr. Guy Parmelin, Vice President of Switzerland.

 

This new agreement establishes a fresh economic partnership between Egypt and Switzerland across various economic, investment, and commercial fields, advancing joint economic development efforts. It builds upon the longstanding bilateral relations between the two countries.

 

The Joint Economic Committee aims to enhance trade exchanges, facilitate investments from both countries, explore new opportunities to access markets, address challenges to promote bilateral economic relations, evaluate and update existing economic agreements, and improve their implementation in line with the needs and interests of both parties.

 

It also highlights significant economic areas of interest, facilitates the exchange of expertise and best practices among specialists in different economic sectors, and addresses both general and specific trade issues raised by the private sectors of both countries. Furthermore, the committee will strengthen cooperation on international economic issues of mutual importance.

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, emphasized that the signing of the Egyptian-Swiss Joint Economic Committee Agreement is a significant milestone in the journey of Egyptian-Swiss cooperation. It represents a serious step toward strengthening economic ties between the two countries in alignment with their shared aspirations for sustainable development across various sectors.

 

H.E. Minister Al-Mashat added that under the agreement, the two countries will work to promote and leverage bilateral economic relations, providing a platform for the exchange of information on issues related to bilateral trade as well as investment matters.

 

Historical Relations

 

H.E. Minister Al-Mashat confirmed the deep-rooted Egyptian-Swiss relations in the field of development cooperation, which span nearly 45 years. This relationship has been strengthened through joint cooperation in various economic and developmental sectors. Switzerland has been a strategic partner for Egypt since 1979, and trade relations extend over 115 years.

 

H.E. Dr. Rania Al-Mashat highlighted that, through economic diplomacy efforts to drive financing for development, the Ministry has worked to maximize the partnership with Switzerland through various cooperation programs.

 

H.E. Minister Rania Al-Mashat pointed out the implementation of numerous programs in areas such as private sector development, infrastructure, and strengthening economic institutions. Both countries are working to expand their cooperation portfolio to include more areas of mutual interest.

 

H.E. Dr. Rania Al-Mashat also mentioned ongoing discussions within the Ministry of Planning, Economic Development, and International Cooperation to prepare the new cooperation program with Switzerland for 2025-2028, which focuses on several strategic objectives, such as supporting economic reforms, improving the business environment, increasing job opportunities, and promoting sustainable urban development.

 

The program also aims to address critical issues like enhancing climate change adaptation, poverty reduction, social inclusion, refugee issues, and strengthening institutional capacities.

 

H.E. Dr. Rania Al-Mashat also noted the future areas of cooperation between the two countries, which focus on green climate projects and the development of technical skills in various sectors. This cooperation will significantly contribute to achieving sustainable development goals and strengthening the green economy in Egypt.

 

 

H.E. Minister Rania Al-Mashat highlighted potential future collaboration in light of Egypt's efforts to implement the Carbon Border Adjustment Mechanism (CBAM), as well as cooperation in areas such as climate change, women's empowerment, strengthening the private sector, supporting Africa and its development projects, and collaboration under the "NWFE" platform.

 

The Minister of Planning, Economic Development, and International Cooperation also emphasized the significance of Joint Committees as one of the effective tools of economic diplomacy for opening avenues of partnership with various countries, strengthening links between the private sector, and continuously monitoring the developments of economic, trade, and investment relations to meet the aspirations of joint development.

 

H.E. Dr. Al-Mashat also mentioned the periodic follow-up on the implementation of various cooperation agreements and resolving challenges.

 

H.E. Minister Al-Mashat pointed out that last year saw the holding of several joint committees with countries such as Jordan, Romania, Tajikistan, Poland, and Uzbekistan, with these committees resulting in the signing of agreements, cooperation protocols, and MoUs that reflect Egypt's development priorities as well as those of the other countries involved.

 

It is worth noting that over the past year, the Minister of Planning, Economic Development, and International Cooperation held several meetings with Swiss officials to discuss the future of economic relations between the two countries. The current development cooperation portfolio stands at $71.6 million in financing nine projects across various development sectors.