Investment Ministry planning new investment and trade policy: El-Khatib

Cairo - September 18, 2024: Speaking at the golden jubilee celebration of the General Organization for Export and Import Control (GOEIC) on Tuesday, Minister of Investment and Foreign Trade, Hassan El-Khatib, revealed plans for a comprehensive investment and trade policy aimed at transforming the countries’ economic landscape over the next six years.

El-Khatib emphasized that this new vision is designed to enhance confidence among both local and foreign investors.

The upcoming policy framework, set to cover 2024-2030, will introduce a formal investment and trade document outlining the government’s priorities.

El-Khatib noted that a key focus will be on boosting manufacturing for export to increase the added value of Egyptian exports, with an initiative that will leverage the comparative advantages of national industries while also implementing strategies to diversify the economy beyond traditional sectors.

The minister reiterated the importance of creating a favorable investment climate to enhance the government's credibility and reliability in the eyes of investors.

By implementing effective policies and structural reforms, the government aims to cultivate a sense of trust and predictability, crucial for attracting both local and foreign investment, he said.

The investment minister also stated that recent economic reforms have successfully restored Egypt’s position on the global economic map. These reforms have led to notable improvements in key economic indicators, including a reduced budget deficit, increased GDP, decreased unemployment, and a remarkable rise in the central bank’s reserves.

He expressed optimism that these developments position Egypt as a premier investment destination, fostering an environment where local and foreign investors can thrive.

Essam El-Naggar, Chairperson of GOEIC, emphasized the organization’s pivotal role in facilitating trade and ensuring product quality, highlighting the establishment of carbon certification units and laboratories designed to analyze the carbon footprints of exported and imported goods, aligning with global sustainability trends.

This initiative is part of a broader strategy to enhance Egypt's export capabilities while addressing environmental concerns.

The government is particularly eager to bolster Egypt’s export figures, targeting a significant increase in trade volumes. During a recent conference focused on food industry exports, El-Khatib emphasized the need to attract $40-50 billion in investments to achieve an ambitious export goal of $140 billion, with considerable investments in the food sector expected to surpass LE 500 billion.