Egypt, Kazakhstan Attach great Importance to Investment

President Abdel Fattah El Sisi asserted that Egypt and Kazakhstan attach great importance to the role of investment and trade in achieving social and economic development, noting that private sector investments could be a locomotive for development, raising the standards of living and enhancing trade exchange between the two countries.

Addressing the Egyptian-Kazakh Business Forum, Sisi highlighted the role that could be played by the Egyptian and Kazakh companies in pushing forward investment relations to wider horizons to be up to the distinguished cultural and political relations between the two countries. He also underlined the need for continued consultations and hard work to achieve common goals.

Sisi also voiced hope that his visit to Kazakhstan would be a prelude for opening new spheres of mutual cooperation.

After the success of the New Suez Canal project, Egypt launched other projects for realizing an integrated development corridor including harbors, airports, industrial zones, logistics hubs, Sisi noted, inviting the Kazakh side to contribute to such projects to deepen economic relations between the two countries.

President Sisi explained that Egypt has vast investment opportunities in all sectors thanks to its natural resources and human capabilities which qualified it to have a distinguished position allowing influx of direct foreign investments, especially in the fields of energy, mining, agriculture, infrastructure and roads.

Such fields ranked as top priority for Egypt's development plans, Sisi said, noting that the Egyptian government has exerted enormous efforts over the past period to improve the investment context, citing the new investment law which targeted removing all impediments facing investments along with the tax reform policies and the establishment of the Suez Canal Special Economic Zone.

Sisi highlighted recent mega projects launched in Egypt, namely the cultivation of 1.5 million feddans, establishing new urban communities, the new administrative capital and infrastructure and energy projects.

Sisi also noted that such efforts have started to bear fruit and positively affected on the economic performance indicators, which was reflected in the international community's confidence in the Egyptian economy according to international credit rating agencies.

President Sisi said Egypt and Kazakhstan has vast economic potentials in several sectors that could help bolster joint trade and investment and achieve the priorities of sustainable development in both countries, increase competitiveness and offer services, a matter of high importance in light of the challenges facing the international economy, especially in the developing countries.

Egypt welcomes all its friends and business partners to seize the opportunity of starting investments in Egypt, especially that the newly launched investments are likely to have high profitability rather than any other areas in the world due to the big market and high demand, Sisi noted.

Egypt and Kazakhstan have integrated potentials and capabilities that could be perfectly utilized, Sisi said, citing Astana's variety of natural resources and Egypt strategic location and its logistical privileges that could ease the entry of commodities and products to the Middle East, Africa and Europe.

Sisi invited the Kazakh partners to visit Egypt as soon as possible to exchange ideas about new proposals for investment and cooperation that could benefit both sides.