Egypt expects to hold the upcoming National Investment Forum in the first half of 2024, announced Prime Minister Mostafa Madbouly on Sunday, reflecting the government’s commitment to its economic reform agenda, with a particular emphasis on strengthening the role of the private sector.
A key initiative in Egypt’s reform plans, the National Investment Forum aims to forge partnerships between government agencies and a diverse collection of global entities, including multinational corporations, financial institutions, investment banks, and sovereign wealth funds, revealed a statement released by the cabinet.
The PM’s comments were recorded during a meeting on Sunday with the higher ministerial committee responsible for organizing the National Investment Forum. The committee's discussions encompassed a wide range of topics, including the advancement of green economy initiatives, the localization of industry, and the promotion of business entrepreneurship
According to the statement, the forum’s main objectives include legislative reforms, support for small and medium-sized enterprises (SMEs), and the development of megaprojects. This multifaceted approach aims to position Egypt as a “regional hub for investment and logistics services,” said cabinet spokesman Nader Saad.
Saad expanded on the event's purpose, emphasizing its role in showcasing Egypt's competitive advantages to potential investors, and will also highlight the various benefits and incentives associated with investing in the country.
Madbouly explained that the decision to organize the National Investment Forum was among the first actions taken by the recently restructured New Supreme Council for Investment, reflecting the government's commitment to implementing its economic reform program and reinforcing the private sector.
Egypt has set ambitious goals to increase the private sector's contribution to the economy from its current 30 percent to 65 percent. To facilitate this, the country has launched several initiatives, such as ensuring equal treatment for both public and private sectors, fostering a favorable investment climate, and refining legislation to support startups.
In December, President Abdel-Fattah El-Sisi approved the State Ownership Policy Document, a crucial step in reducing the state's presence in several economic sectors while actively encouraging the private sector's involvement in public investments.
The National Investment Forum in 2024 promises to be a key event that brings together domestic and international stakeholders to boost Egypt's economic prospects and create opportunities for sustainable growth.
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