International Co-Op And Investment Ministers Meet to Discuss Strategies to Attract FdisSource: www.export-egypt.com 7/21/2024, Location: Africa |
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Underscoring the government's commitment to improving the investment environment and fostering sustainable growth across key sectors, Minister of International Cooperation, Rania Al-Mashat, met with Minister of Investment and Foreign Trade, Hassan El-Khatib, over the weekend to discuss comprehensive economic reforms aimed at attracting both domestic and foreign investments.
The meeting highlighted several pivotal areas of collaboration between the Ministry of International Cooperation and the Ministry of Investment, according to an official statement from the international cooperation ministry. El-Khatib emphasized the importance of aligning efforts with global partners to expand productive and service sectors capable of generating financial returns, which are crucial for sustaining Egypt's economic stability and development trajectory. The two ministers spoke on establishing new strategies to attract direct foreign investments (FDIs), leveraging partnerships with international financial institutions such as the World Bank Group, and implementing economic reforms to fortify Egypt's economic stability and competitiveness. Cooperation with the Ministry of International Cooperation will focus on improving the investment climate and boosting the competitiveness of the Egyptian economy, the statement explained. Echoing El-Khatib’s comments, Al-Mashat highlighted the government's proactive steps in regulating public investment expenditures to enable greater private sector participation. The planning and international cooperation minister also added that “the current period witnesses intensive and continuous coordination with various ministries and relevant bodies to prioritize investment spending for the upcoming phase, in compliance with the Cabinet's decision in this regard and giving priority to projects that have exceeded a 70% execution rate, while adhering to the specified investment ceiling”. Both ministers affirmed their commitment to advancing the government's economic program, which aims to achieve comprehensive and sustainable growth, and overcome economic challenges. They stressed the importance of integrated efforts across ministries and with international partners to realize these objectives effectively. The newly-created Ministry of Investment and Foreign Trade will play a vital role in Egypt's efforts in attracting foreign direct investments. Recent data from the United Nations Conference on Trade and Development (UNCTAD) highlighted Egypt's position as an investment hub in Africa. In 2023, FDI in Egypt accounted for 18.6 percent of total investments in Africa, amounting to $52.6 billion. This growth underscores Egypt's appeal to multinational corporations, particularly in sectors such as automotive, pharmaceuticals, and electronics. |
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