Egypt has slashed its outstanding arrears to foreign oil companies to $1.2bn from $6.5bn, Investment and Foreign Trade Minister Mohamed Farid Saleh told a gathering of 18 US and global firms exploring new investments in the country as Cairo accelerates its economic reforms.

Farid held the extensive roundtable, organised by the Business Council for International Understanding (BCIU) and headed by Peter Tichansky, to showcase Egyptian investment opportunities across the cybersecurity, energy, medical technology, and financial services sectors.

To bridge the financing gap between Egypt’s target investment rate of 25% and its current 11% savings rate, Farid outlined a strategy to maximise foreign direct investment. He highlighted plans to stimulate domestic savings by reforming the insurance and pension sectors, directing funds toward long-term projects and venture capital to support startups.

To further reassure foreign investors, Farid noted that alongside the sharp reduction in oil sector arrears, Egypt has allocated substantial investments to modernise the national electricity grid and enhance regional interconnection projects to guarantee sustainable supplies.

On the regulatory front, the minister said Egypt is considering adopting the English legal model in its financial and business centres to ensure clarity and protection for foreign investors. The state is also moving to adopt modern regulatory frameworks, including General Partner/Limited Partner (GP/LP) structures, to attract long-term institutional capital.

Further efforts to improve the business environment include expanding the automation of services, offering targeted tax and customs incentives, and activating private investment zones where boards are granted direct authority to issue licenses, reducing both the time and cost of investing.

During the discussions, corporate representatives stated that the Egyptian economy possesses competitive advantages and massive growth potential.

Representatives from GE Healthcare, represented by Andrew Quinn, and Philips, represented by Edward Pride, agreed that Egypt’s healthcare sector is a promising destination, particularly for advanced medical technology and digital health services.

Lockheed Martin’s Shawn Patton expressed interest in exploring cooperation in strategic industries and advanced defence technologies, while Resecurity’s Alex Hunter said the Egyptian market holds tremendous potential for growth in cybersecurity and digital transformation.

Kraft Heinz, represented by William Behrens, noted that Egypt’s location and trade agreements make it a massive consumer market and a base for regional expansion in the food industry. Morgan Stanley’s Anas Bailey affirmed that the government’s ongoing structural reforms directly enhance market attractiveness and the confidence of international financial institutions.

The roundtable included a diverse group of global entities, including Level 4 International (Vanessa Adams), Sumitomo Corporation (Yasuko Fumiko), PWB Earth (Rupesh Handali), Procter & Gamble (P&G), The Coca-Cola Company, Chevron, and Martin Corporation.

Five international advisory and consulting firms also participated: Blue Merchant Partners, Sierra Nevada Corporation (SNC), Bankers Without Boundaries (BwB), KRL International, and the BCIU.

On the sidelines of the event, Farid held bilateral meetings with corporate representatives, including Resecurity founder and CEO Alex Hunter and Kraft Heinz Head of Global Government Affairs William Behrens, to discuss expansion plans in the Egyptian market.

Farid concluded by urging global companies to capitalise on Egypt’s investment opportunities, reaffirming the government’s commitment to continuing economic reforms, providing a stable business environment, and implementing flexible regulations that protect shareholders’ rights.

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