Egypt and Switzerland signed yesterday three memoranda of understanding aimed at strengthening investment, improving higher education and developing the textile sector. The deals were inked during the Egyptian-Swiss Investment Forum in Cairo.

With this new step, Egypt is seeking to boost support to small and medium-sized enterprises (SMEs), develop training programs for youth and create more jobs. The training includes the establishment of a three-year undergraduate program in hotel and tourism management, as well as a one-year professional degree at Badr University in Cairo (BUC). The country also wants to improve investment in the Nile Cotton Co, its main cotton trading company.

Let’s note that the volume of trade between Egypt and Switzerland amounted to about $1.3 billion in 2019. More than 60 Swiss companies currently operate in Egypt, with investments estimated at more than $1.8 billion.

André Chadrak