President El-Sisi meets int’l industry leaders to discuss investment, industrial development

CAIRO - 26 November 2024: President Abdel Fattah El-Sisi met Tuesday with leaders of major international companies participating in the third annual International Industry Forum and Exhibition in Egypt, taking place from November 25 to 27. 

 

The meeting was attended by Prime Minister Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel El-Wazir, and Mohamed Zaki El-Sewedi, Chairman of the Egyptian Federation of Industries.

 

In his opening remarks, President El-Sisi welcomed the attendees and emphasized Egypt's commitment to enhancing the industrial sector, including fostering technology use in industry, developing specialized technological industries, and supporting small and medium-sized enterprises (SMEs) to increase their competitiveness.

 

The President outlined the steps Egypt has taken to improve the investment climate, remove obstacles for investors, and develop the business environment. 

 

He assured that the government would continue to make the necessary decisions to facilitate investment.

 

He also highlighted Egypt's focus on regional and international partnerships to benefit both the country and investors, expressing the nation's readiness to strengthen cooperation with foreign private sector players. 

 

The President stressed that such partnerships should focus on increasing the local content of final products and localizing the production of industrial inputs.

 

Further, President El-Sisi noted Egypt's focus on sectors such as water desalination and recycling, which support national projects.

 

Presidential spokesperson Mohamed Shennawy stated that the company representatives praised the Egyptian government's efforts to improve the investment environment and promote private sector partnerships. 

 

They also discussed opportunities for mutual cooperation and expressed their commitment to advancing collaboration with Egypt for mutual benefit.

 

Representatives from industries including automotive manufacturing, home appliances, engineering, woodworking and furniture, food processing, textiles, cosmetics, construction, and desalination attended the meeting, engaging in a productive dialogue on Egypt's industrial development goals. 

 

They expressed their support for Egypt's industrial localization policies and the government's efforts to offer investment incentives, including tax exemptions.