Egypt, Switzerland sign economic agreement; Madbouly neets with Yara, Volvo, Acciona Energía at Davos

Egyptian Prime Minister Mostafa Madbouly, representing President Abdel Fattah Al-Sisi at the World Economic Forum (Davos 2025), witnessed the signing of a Joint Economic Committee agreement between Egypt and Switzerland on Tuesday. He also held key meetings with Yara Clean Ammonia and Volvo Group to discuss potential partnerships.

The economic agreement, signed by Rania Al-Mashat, Egypt’s Minister of Planning and Economic Development and International Cooperation, and Helene Budliger Artieda, State Secretary for Economic Affairs of Switzerland, strengthens bilateral relations, particularly in trade, investment, and economic development.

“The signing of the Joint Economic Committee agreement strengthens bilateral relations between Egypt and Switzerland in various fields, particularly trade, investment, and economic development,” Madbouly stated.

He emphasized that the signing marks a significant milestone in Egyptian-Swiss cooperation, representing a serious step towards strengthening economic ties in line with both countries’ shared aspirations for sustainable development across various sectors.

The agreement establishes a Joint Economic Committee to facilitate information exchange, promote bilateral trade, support investments, identify market opportunities, and address trade barriers.

The committee will also review existing economic agreements and promote expertise exchange. Minister Al-Mashat confirmed a current bilateral cooperation portfolio of $71.6m in grants, funding nine projects across government, public sector, NGOs, and the private sector.

In a meeting with Hans Olav Raen, CEO of Yara Clean Ammonia, Madbouly praised the ongoing cooperation in green hydrogen.

He expressed his aspiration to strengthen cooperation, given Egypt’s focus on increasing renewable energy capacity for green hydrogen production.

He also highlighted Egypt’s plan to increase the share of renewables in the energy mix. Raen affirmed Yara’s commitment to a long-term partnership, highlighting President El-Sisi’s recent visit to Norway and resulting agreements.

He expressed interest in visiting Egypt to discuss expanding cooperation in green hydrogen and ammonia production, with Yara representatives also expressing interest in collaborating on urea and fertilizer production.

Madbouly also met with Jens Holtinger, Executive Vice President of Volvo Group Truck Operations, and Hassan El-Khatib, Egypt’s Minister of Investment and International Trade. He conveyed Egypt’s goal to become a regional hub for Volvo’s electric vehicle manufacturing, citing export opportunities to neighbouring countries.

He emphasized Egypt’s aspiration to become a regional hub for Volvo’s electric car and truck manufacturing, given the significant export opportunities to neighboring countries, particularly in Africa.

He indicated that the Egyptian government is prepared to offer various incentives and advantages to increase Volvo’s investments in Egypt and achieve this goal.

Holtinger expressed Volvo Group’s readiness to cooperate in this area, acknowledging the significant potential for collaboration.

Moreover, Madbouly met with Spain’s Acciona Energía CEO and President José Manuel Entrecanalesto to discuss possible cooperation in renewable energy projects in Egypt. During the meeting, attended by El-Khatib, Entrecanalesto lauded recent reforms by Egyptian government, expressing desire to cooperate in several priority projects in Egypt.

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