Engineer declared good speech, Minister of Investment Foreign trade continues to strengthen the investment environment through the implementation of a range of economic reforms, with a view to attracting domestic and foreign investment and ensuring the competitiveness of the Egyptian economy.
Wrong is: To achieve our objectives in attracting foreign direct investment, our economy should be more competitive.
This occurred during the meeting of the Minister with the delegation of the Shafiq Jabr Foundation, where 20 members from the United States of America and Egypt attended as part of the cultural and economic initiatives launched by the Foundation under the theme " The Gabr Fellowship Initiative for East and West: promoting dialogue and building bridges for mutual understanding and sustainable development " .
The objective of the meeting is to highlight the importance of Egypt in strengthening East-West linkages and promoting investment cooperation in critical sectors.
The speech reviewed the remarkable economic transformations that Egypt has experienced in the past decade, citing huge investments in infrastructure projects that have contributed to improving the business environment and making it more attractive.
The Government was currently working on a range of economic reforms, including a monetary strategy aimed at reducing inflation, a fiscal policy aimed at reducing fees and taxes, as well as a trade policy aimed at reducing customs release time by up to 75%.
The Minister highlighted the significant investment opportunities available in the Egyptian market, particularly in tourism, health care, information and communications technology, as well as the automobile and renewable energy industry.
The renewable energy sector was an investment-friendly sector and had the capacity to attract more investors.
The speech confirmed that Egypt had a strategic location to ensure that about 70% of the data traffic between Asian and European continents was passed, thereby enhancing its ability to become a major centre of services and digital trade.
Wind currents on the Red Sea coast are also sought to expand clean energy projects and generate electricity from renewable sources.
He stressed the need to attract investment in labour-intensive industries such as automobiles, chemicals and renewable energy, and pointed out that the State was aiming to increase foreign direct investment through innovative and robust reform agendas.
