Lebanese Investors: We Intend to Inject New Investments in EgyptSource: www.export-egypt.com 11/25/2018, Location: Africa |
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On the sidelines of the Egyptian-Lebanese Business Forum in Beirut, Investment and International Cooperation Minister Sahar Nasr met with former Lebanese Prime Minister Najib Miqati and the President of the M1 Group in the presence of Ambassador Nazih al Najari, the Egyptian Ambassador to Beirut and Mona Wehbe, President of the Egyptian Commercial Office in Lebanon.
Nasr presented the measures taken by the government to provide an attractive environment for investment and improve the business environment, which will contribute to enhancing the efforts to promote the economy and achieve the desired growth rates through legislative reform. Nasr said that the investment law and its executive regulations include many guarantees, incentives and facilitations aiming to improve business and investment climate and investor support, streamline investment procedures and remove bureaucratic obstacles. She pointed out that the investment climate in Egypt is suitable for increasing the support of Lebanese businessmen to the Egyptian economy by injecting new investments, which contribute to increasing Lebanese investments in Egypt. Lebanon is ranked 22nd among the countries investing in Egypt. The volume of Lebanese investments in Egypt reached $670 million in 2018, which reflects the activity of 1645 companies in the sectors of services, industry, construction, petroleum, tourism and agriculture. In this context, Lebanese investors praised Egypt's recent legislative reforms, which encourage Lebanese investors to inject more investments into Egypt. Miqati said that the Egyptian-Lebanese relations need to be further developed for the benefit of the two brotherly peoples, explaining that Egypt is a very big market for Lebanon. He said that the M1 Group decided to enter the Egyptian market and investment in the services and industry. The M1 Group is one of the largest investment groups in the services, communications and industry sectors. It invests in a number of companies in America and Europe. Its investments amounted to about $3 billion. |
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