French President Francois Hollande discussed economic and cultural ties in Egypt Monday, a day after he arrived to a lavish welcome quickly overshadowed by his host's controversial human rights record. Hollande, who is visiting Cairo as part of a regional tour, attended a business forum with his Egyptian counterpart Abdel Fattah al-Sisi, with both countries hoping to boost trade and investments.
Allegations of human rights abuses under Sisi's government dominated a joint news conference on Sunday, with Hollande insisting that respecting rights was not a hindrance to fighting "terrorism". But Egypt - the most populous Arab country - is seen as a cornerstone of regional security as well as a key trade partner for France, a point Hollande raised at the business forum.
"Trade, growth and investment are of course at stake, but also security and stability and development, not only in Egypt but throughout the region," he said. "France is the sixth largest foreign investor in Egypt," he added, addressing French and Egyptian business leaders and officials.
Sisi, in his speech, said Cairo was "working seriously to create an attractive environment for foreign investors", adding that trade between the two countries was 2.58 billion euros ($2.9 billion) last year. The two leaders on Sunday oversaw the signing of 18 economic memorandums of understanding, and 1.2 billion euros in financing for an extension of Cairo's metro system.
The deals included financing for a wind farm and a solar power plant. Officials travelling with Hollande said new agreements which could include defence contracts were expected on Monday. Egypt has proved to be a lucrative market for French military hardware. It was the first foreign country to buy French-made Rafale warplanes, and also bought two Mistral helicopter carriers.