Egypt's premier addresses concerns from Qatari investors during his visit to Doha

CAIRO – 28 February 2023: Egyptian Prime Minister (PM), Mostafa Madbouli, met with the board members of Qatar Chamber of Commerce and Industry (QCCI) and Qatari Businessmen Association on Tuesday, to discuss investment opportunities in Egypt and address potential concerns.

 

The PM addressed various concerns coming from Qatari investors, mainly regarding the outflow of money from companies established in Egypt.

 

As a response, Madbouli emphasized that there are no legal or regulatory constraints on money outflow by foreign investors, pointing out that more than $20 million outflowed from Egypt within a month during the start of the Russia – Ukraine war, without facing any unusual hurdles, despite the state having the authority to impose exceptional procedures is such cases, in order to protect its dollar resources.

 

Moreover, he talked about the recent instabilities in the exchange rate, affirming that the issue will be resolved soon, which is clearly evident when looking at how close the exchange rates are in alternative and official markets.

 

When it comes to laws and regulations, the premier clarified that the government has facilitated various bureaucratic procedures to appeal to investors, referring to the release of the “golden license” as an example.

 

If granted -from the Egyptian Cabinet- the golden license allows investors to buy/rent lands and operate projects without having to secure prior approval from other governmental bodies.

 

According to Madbouli, 13 golden licenses have been issued in the past two months, for projects in fields of high priority, such as manufacturing and agriculture.

 

The meeting also focused on the latest efforts exerted by the government to increase the private sector’s involvement in the economy, including the state’s ownership policy document issued in December 2022

 

In this regard, Madbouli mentioned recent investment incentives granted by the government in different fields, such as agriculture, manufacturing, tourism, renewable energy production and Communications and Information Technology (CIT), to increase investments and decrease the import gap simultaneously.

 

He also made sure to call attention to the huge developments in the infrastructure, as a result of building an efficient roads network and providing essential services, to attract and facilitate more investments.