Egypt aims to attract further foreign investment into vital sectors

The ministry is also working on overcoming all possible obstacles and challenges that could face foreign investors

  
An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

REUTERS/Mohamed Abd El Ghany
 

Egypt’s national projects are creating promising development opportunities for local and foreign investments to help in offering more jobs and strengthening the Egyptian economy’s structure, Minister of finance Mohamed Maait said in a statement on July 30th.

The government is keen on creating a suitable environment for investment that encourages the business community to expand their investment and production activities, in order to bolster exports and enhance Egypt’s competitiveness in the global markets, Maait added.

These comments were made during the minister’s meeting with the Indian Ambassador to Cairo Ajit Gupte.

The minister also said that Egypt is looking forward to attract further foreign investments, particularly in the most attractive sectors, including energy, petrochemicals, medicine, telecommunications and information technology, iron and steel, and transportation.

Moreover, Ministry of Finance is seeking to attract new segments of foreign investors, including Indians, to the Egyptian securities market, Maait noted, pointing out that the ministry is working on cementing the relations with India through the implementation of a mutual programme to consider new investment opportunities and promote tourism between the two countries.

The ministry is also working on overcoming all possible obstacles and challenges that could face foreign investors, he added.

Furthermore, the government is continuing its structural reforms to achieve financial stability and maintain a sustainable growth rate, in a way that maintain a safe economic path and guarantee achieving economic gains, Maait stressed.

For his part, the Indian ambassador praised the positive results of the Egyptian economic reform programme, which succeeded in improving the indicators of Egypt’s economic performance, and has been reflected in the flexible handling of the Covid-19 pandemic impacts.

The Indian companies are looking forward to inject more investments into the Suez Canal Economic Zone (SCZaone) and in Port Said, Gupte highlighted, adding that these investments would be pumped into in vital fields, including recycling, renewable energy, electricity, water desalination, medicine, dry ports, and coinage, in order to benefit from the incentive investment packages in Egypt.

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