Arab Finance: President Abdel-Fattah El-Sissi met with Terje Pilskog, CEO of Norway-based renewable energy company Scatec, and Ken Shaw, Chairman of the Board of Wind Turbine Manufacturer Envision Energy, to discuss expanding cooperation on renewable energy projects in Egypt, according to a statement.
Citing Egypt’s competitive advantages and strategic location, El-Sissi highlighted the government’s focus on attracting foreign direct investment in renewable energy, positioning the country as a potential regional hub for clean energy.
He also emphasized that domesticating technology and increasing the local component in major renewable energy projects is a priority for the state.
Officials from Scatec and Envision Energy confirmed their commitment to expand investments in Egypt, pointing to the improved business environment and effective cooperation with relevant authorities.
The two leaders expressed their gratitude for the support provided by the Egyptian government in renewable energy projects and the wind turbine industry, and said they were keen to expand the partnership to support the transition to a green economy and sustainable development.
They also highlighted Egypt’s strong renewable energy potential and strategic location, which increases opportunities to export energy and low-carbon emission products.
In addition, the meeting considered ways to strengthen joint cooperation in renewable energy and green investments within the framework of the state’s strategy to attract high-quality investments and deepen partnerships with leading international companies.
Participants emphasized the importance of continuing cooperation in the next phase to strengthen Egypt’s position as a destination for sustainability and green transformation projects and attract more value-added foreign direct investment.
The discussion also addressed Egypt’s energy infrastructure, in particular Scatec’s plans to develop solar power and energy storage systems alongside wind power generation.
Mr. El-Sissi reiterated the state’s commitment to localize technology, increase local content, and strengthen partnerships with global companies to meet the growing domestic and international demand for renewable energy and secure and strengthen related supply chains.
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