Ministry of Investment and Foreign Trade
The sector boasts investments exceeding 500 billion EGP, with more than 7,500 officially operating establishments providing over 7 million job opportunities. Additionally, the food industry contributes approximately 14% of Egypt’s total exports, emphasizing its importance in driving economic growth and enhancing international trade.
Speaking on the sidelines of the event, Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, stressed the importance of industrialization in addressing Africa’s low levels of intra-continental trade, which fall short of global averages
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.
During an economic summit in Düsseldorf, officials from both countries announced an ambitious goal to boost trade to €9 billion by the end of 2024, a €2 billion increase from the current level of €7 billion.
The meeting highlighted a shared commitment to enhancing trade relations and fostering new avenues for collaboration, with both leaders emphasizing the importance of joint ventures and investments.
El Khatib highlighted Egypt’s competitive advantages as a prime destination for Saudi investments, citing the availability of a skilled workforce, competitive wages, advanced infrastructure, reliable energy resources, and extensive free trade agreements
Minister El Khatib also emphasized that these agreements are designed to align with Egypt’s broader goals of sustainable development, ensuring fair dispute resolution, and balancing rights and obligations
He reaffirmed the government’s dedication to addressing these issues and finding solutions through the economic group.
The minister highlighted Egypt's economic reforms and the government's commitment to improving the business climate and facilitating foreign trade.
The reorganization comes after Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat's call on October 3 to position the fund under the cabinet.
The investment minister held an extensive meeting with representatives of global car manufacturers, agents, and distributors to bolster Egypt's automotive industry on Tuesday.
Minister of Investment and Foreign Trade, Hassan El-Khatib, praised Egypt’s recent efforts to attract foreign investments, highlighting the country’s focus on Japanese investments and the vital role of UNDP programs in sustainable development and capacity building.
The minister led a comprehensive meeting to discuss the customs release process and the inspection of imported goods with representatives from various ministries and relevant authorities.
With French investments in Egypt totaling €7 billion across 180 projects, France is recognized as one of Egypt's largest investors, explained El Khatib. contributing to approximately 50,000 jobs in various sectors, including manufacturing and telecommunications
El-Khatib emphasized that this new vision is designed to enhance confidence among both local and foreign investors.
He reaffirmed the Egyptian government’s commitment to tackling the remaining 25 percent of issues to enhance the investment climate further.
A key condition is that exporters must deposit their export proceeds into local banks, which will manage their foreign currency needs
Their goal is to expand the range of products offered to cater to Egypt's unbanked and underserved populations.
Egypt’s food industry is a significant player in the economy, accounting for 14 percent of the country’s total exports, explained Minister of Investment and Foreign Trade Hassan El Khatib on Monday.
El-Khatib further highlighted that British investments in various sectors, including petroleum, financial services, communications, and industry, had amassed to $21.5 billion by June 2024.
