Jul 10 2011 |
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Egypt keen to attract Saudi investors
CAIRO - The Egyptian government is keen to offer all support to attract Arab investors, especially Saudis, amid positive indications about the restoration of security and stability to the Egyptian streets, Industry and Foreign Trade Minister Samir El-Sayyad said.
The Egyptian-Saudi business council needs to be restructured in order to play a more active role in the coming phase to increase joint ventures carried out by the private sector in both countries, Sayyad said during a meeting with head of the Saudi side of the council Abdullah Dahlan and head of the Egyptian side Ibrahim Mahlab Thursday.
Earlier, the European Investment Bank ( EIB ) will discuss means to foster cooperation with the Egyptian government to boost the national economy, El-Sayyad said after a meeting Wednesday with the EIB Vice President Kloyu Cortez.
The EIB will probe the possibility of expanding programs to finance small and medium-sized enterprises and to establish new industrial zones in Egypt, he added.
The minister said the EIB will also review prospects of providing funds for carrying out projects in the fields of renewable energy, infrastructure and local manufacture of equipment.
Discussions also dwelt on ways to benefit from the EIB expertise in developing the Egyptian export system through the establishment of logistic areas, roads, stores and navigation routes between Egypt and important ports in several countries to help up the volume of Egypt's trade, according to El-Sayyad.
The EIB allocated 20 percent of its budget to support industry and fund a number of existing projects in Egypt, including two projects for producing energy from the wind in Suez.
Separately, El-Sayyad said Tuesday the cabinet approved to offer new four licenses to four plants to produce three million tons of steel including two million iron bars and one million plates, two in Upper Egypt and two in Lower Egypt. Total investments reached LE three billion.
The minister said we should limit down the import of products which could be manufactured in Egypt.
He cited consultations with the Italian side to start manufacturing in Egypt of equipment, and various machines and medium products which we do not produce in Egypt.
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