Sisi: Private sector’s contribution to Egypt’s economy 70-75%, state to remove investment obstacles within 2 months

CAIRO – 27 September 2022: President Abdel Fattah El-Sisi said the private sector’s contribution to the Egyptian economy is not less than 70-75 percent, affirming that the state is keen to remove all obstacles facing investors.

Sisi made his remarks on Tuesday during the inauguration of a number of projects belonging to the General Authority for Investment and Free Zones (GAFI).

“Within a month or two, I expect all obstacles [facing businessmen and investors in Egypt] to be resolved,” the president said during the inauguration.

With Egypt aiming to increase exports to $100 billion, the state and the businessmen in Egypt should act shoulder to shoulder and remove all obstacles facing our investors and businessmen, Sisi said.

The economic forum, whose agenda will be launched this month, will give the opportunity for investors and businessmen to review the problems they face in order for them to be resolved, he said.

The projects launched by companies in Egypt represent additional income for every person working in them, the president noted.

The state is also willing to cooperate with businessmen within the framework of the technical schools for training workers to ensure that the graduates of these schools have real chances in the job market, Sisi affirmed.

Research and development centers in Egypt should be linked to businessmen and industries in the country as these centers are capable of finding solutions to problems and points that require development, the president said.

 

The state is serious in solving the problems facing investors and businessmen, Sisi said, adding that the state is exerting the maximum efforts amid the current global challenges.

The coronavirus pandemic and Russia-Ukraine crisis have caused a huge shock to the world and Egypt but we are working on keeping the impact of these crises on us to the minimum, the president stated.

The president inaugurated via video conference two free zones in Qalyoubia's Benha and Dakahlia's Mit Ghamr that belong to GAFI.

The free zone of Benha is specialized in food industries and is built over 46 Feddans at a cost of LE 1.1 billion, GAFI Chairman Mohamed Abdel Wahab said during the inauguration ceremony.

The Benha free zone will help provide 4,500 job opportunities, Abdel Wahab noted.

The Mit Ghamr free zone is specialized in metallurgical and engineering industries and is built over 18 feddans at a cost of LE 418 million, said Abdel Wahab.

The Mit Ghamr zone will help provide 2,500 job opportunities, the chairman added.