Egyptian-French presidential council to be set up for boosting economic cooperation

Egypt's President Hosni Mubarak will discuss with France's President Jacque Chirac who will pay a visit to Egypt early next year, the possibility of setting up an Egyptian-French presidential council due to group chairmen of major companies for boosting economic cooperation, said the Commercial Advisor at the French embassy in Cairo Hurvet Piquet.

He added that the proposed council will be under the co- chairmanship of the two presidents and aims at scoring a leap in the bilateral economic ties especially in the strategic fields.

He pointed out that some French companies seek raising their investments in Egypt like Michillin and Total which is willing to engage in oil services, besides some banks which are interested in the Egyptian banks privatization programme.

He pointed to the French investments recently launched like the purchasing of Al Gezirah Sheraton for $ 40 million as the deal was concluded by Accord Company in addition to AlCatel which increased its investments in communications and opened a regional center at the Smart village.