European companies, participating in the Egypt-EU Investment Conference in Cairo on Saturday and Sunday, are signing with Egyptian partners more than 20 new deals and MOUs worth over 40 billion euros (nearly 42.9 billion U.S. dollars) in various fields, Paralel.Az reports.

European Commission President Ursula von der Leyen made the announcement in her speech at the opening session of the two-day conference themed "Unlocking Egypt's advantages in a fast-changing world," which was attended by Egyptian President Abdel-Fattah El-Sisi.

"At this conference, European companies and Egyptian partners will sign deals worth over 40 billion euros," said von der Leyen, noting, "The stability of Egypt is important for the region."

In his opening speech, Sisi highlighted the positive developments in Egypt-EU relations. "This progress was crowned with the signing of the political declaration to elevate the relation between both sides to the level of strategic and comprehensive partnership in March," he said.

The Egypt-EU Investment Conference 2024 will give European countries and economic entities the opportunity to explore the available investment potential in Egypt, especially in areas that stimulate economic growth and employment, such as the sectors of communications and information technology, manufacturing industries, clean and renewable energy production and the circular economy, he added.