CAIRO - 4 December 2024: Minister of Investment and Foreign Trade, Hassan El-Khatib, held a meeting with members of the Alexandria Business Association to discuss ways to strengthen the role of the private sector in Egypt’s economic development.
The discussion revolved around fostering better communication with association members, supporting their investments across various sectors, and enhancing partnerships between the public and private sectors. These efforts are part of the government’s broader plan to expand private sector participation in national development.
The Minister highlighted the government’s ongoing implementation of extensive fiscal, monetary, and trade policy reforms. These include reducing customs clearance times and alleviating financial burdens on investors.
He pointed out that the Egyptian market offers significant opportunities, particularly considering the substantial investments made in infrastructure over recent years. These investments have created a more favourable business environment. El-Khatib emphasized the ministry’s efforts to improve Egypt’s global competitiveness and its aim to position the country among the top 50 nations in international trade indices soon.
The reforms aim to attract more domestic and foreign investment, boost Egyptian exports, and facilitate the country’s foreign trade. El-Khatib expressed Egypt’s ambition to become a regional export hub, leveraging its strategic geographic location and unique investment potential.
The Minister also announced that the ministry is close to finalizing a new investment strategy. This plan will promote transparency and create an open trade policy to enhance exports, attract investments, and support local industries by increasing their competitiveness.
El-Khatib further highlighted the role of the Sovereign Fund of Egypt in maximizing the value of state-owned assets. The fund seeks to revitalize national brands, build strong identities for Egyptian products, and increase their global competitiveness and profitability.
El-Khatib concluded by emphasizing the promising opportunities in the Egyptian market. He noted that Egypt offers access to numerous global markets, a large consumer base, ample industrial land, and affordable energy. Additionally, the country boasts a pool of skilled labor and highly qualified engineers at competitive wages.
Comments
Leave a Comment