Norway's Scatec has committed to enhancing its investments in the Egyptian market, citing improvements in the business environment and effective cooperation from state authorities. Chief Executive Terje Pilskog met with Egyptian Minister of Investment and Foreign Trade Mohamed Farid, expressing appreciation for government support of renewable energy projects. Both sides emphasized continued cooperation to support Egypt's transition to a green economy.
In a meeting with Egyptian Minister of Investment and Foreign Trade Mohamed Farid, Scatec's Norwegian Chief Executive Terje Pilskog expressed the company's commitment to boosting its investments in Egypt. Pilskog stated that Scatec appreciates the government support for renewable energy projects and plans to transfer its global expertise while expanding partnerships to aid Egypt's shift to a green economy and sustainable development goals.
Farid affirmed that the Egyptian government is focused on creating a stable and attractive investment climate to foster the growth of sustainable projects. He noted that the renewable energy sector is a key pillar in the state's strategy to attract foreign direct investment, highlighting Egypt's competitive advantages and strategic location that position it as a regional hub for clean energy.
The minister added that the government is streamlining procedures and simplifying the licensing system through transparent mechanisms to ensure swift project implementation and economic viability for investors. There is also an emphasis on localizing technology and increasing the local component in major projects.
The discussion reviewed Scatec's role as a leading international developer, financier, builder, and operator of renewable energy initiatives, including solar and wind power, battery storage systems, and growing involvement in green hydrogen and green ammonia worldwide. Egypt is seen as a pivotal market in the company's regional expansion strategy, with its production capabilities and location driving exports of energy and low-carbon products to external markets, especially Europe.
Plans for expanding solar energy projects and electricity storage systems were examined, aimed at delivering stable, clean energy around the clock to bolster export-oriented industries and their global competitiveness. Both parties stressed the value of ongoing cooperation to solidify Egypt's status as a prime destination for green transformation and sustainability investments, contributing to high-value-added foreign direct investment.