Mohamed Farid, Minister of Investment and Foreign Trade, met with Trier Bielskog, CEO of the Norwegian company SCATEC, in the presence of a number of the company’s leaders, to discuss ways to enhance joint cooperation in the fields of renewable energy and green investment, within the framework of the country’s trend towards attracting quality investments and deepening partnerships with major international companies.
At the beginning of the meeting, the Minister stressed the state’s keenness to provide an attractive and stable investment climate that supports the expansion of sustainable projects, explaining that the renewable energy sector represents one of the main axes in the strategy of attracting foreign direct investments, in light of Egypt’s competitive potential and strategic location that qualifies it to be a regional center for clean energy.
Farid pointed out that the government is working to facilitate procedures and simplify the licensing system through clear and transparent mechanisms that ensure the speed of project implementation and the achievement of economic feasibility for investors, while paying special attention to the localization of technology and increasing the local component in major projects, in a way that supports local value chains and provides sustainable job opportunities.
For his part, the CEO of SCATEC affirmed the company’s commitment to enhancing its investments in the Egyptian market in light of the remarkable development in the business environment and effective cooperation with the relevant authorities, expressing the company’s appreciation for the government support that renewable energy projects receive, and its keenness to transfer its global expertise and expand the scope of its partnerships in Egypt in a way that supports efforts to transition to a green economy and achieve sustainable development.
The meeting stressed the importance of continuing cooperation during the next phase in order to enhance Egypt’s position as a leading destination for investment in sustainability and green transformation projects, and contribute to attracting more foreign direct investments with high added value.
The meeting reviewed the activity of SCATEC as one of the leading international companies in the field of developing, financing, building and operating renewable energy projects, as it owns a diverse project portfolio that includes solar energy, wind energy and battery energy storage systems, in addition to its expansion into hydrogen and green ammonia projects in a number of global markets, based on an integrated investment model that combines development, financing, implementation and long-term operation.
The meeting discussed developments in the company’s investments in Egypt, which represents a pivotal market within SCATEC’s regional expansion strategy, in light of the country’s competitive potential in renewable energy production and its strategic location that enhances opportunities to export energy and low-carbon-footprint products to foreign markets, especially European markets.
Plans for expansion of solar energy projects and electricity storage systems were also reviewed, which will provide clean and stable energy around the clock, and contribute to supporting export-oriented industries and enhancing their competitiveness in international markets.
