Minister of Investment and Foreign Trade Mohamed Farid underscored the importance of continuing cooperation with Norway’s Scatec in the coming phase, in a way that reinforces Egypt’s position as a leading destination for investment in sustainability and green transition projects and contributes to attracting high value-added foreign direct investment.
Farid made the remarks during a meeting with Scatec CEO Terje Pilskog, in the presence of company officials, to discuss ways of enhancing joint cooperation in renewable energy and green investment, within the framework of the state’s efforts to attract quality investments and deepen partnerships with major global companies.
The minister affirmed the government’s commitment to providing an attractive and stable investment climate that supports the expansion of sustainable projects, noting that the renewable energy sector represents a key pillar in Egypt’s strategy to attract FDI. He highlighted Egypt’s competitive advantages and strategic location, which qualify it to serve as a regional hub for clean energy.
Farid also pointed to government efforts to streamline procedures and simplify licensing systems through clear and transparent mechanisms that ensure swift project implementation and economic viability, with a focus on technology localization and increasing the local component.
For his part, Pilskog reaffirmed Scatec’s commitment to expanding its investments in the Egyptian market in light of the evolving business environment and effective cooperation with relevant authorities. He expressed appreciation for government support for renewable energy projects and stressed the company’s keenness to transfer its global expertise and broaden partnerships in Egypt in support of the green transition.
The meeting reviewed Scatec’s global project portfolio in solar, wind and battery energy storage systems, as well as its expansion into green hydrogen and ammonia projects. Discussions also covered the company’s expansion plans in Egypt, particularly in solar energy and storage projects, aimed at providing stable clean energy around the clock and supporting export-oriented industries, especially to European markets.
Investment minister, Scatec CEO discuss expanding cooperation in green energy projects Egypt Independent.
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