CAIRO: President Abdel Fattah El Sisi met with a delegation of investors participating in the second “Egypt Investment Forum”, which brings together chairmen and representatives of Chambers of Industry and Commerce from a number of world countries. The meeting was attended by Minister of Trade and Industry Engineer Tarek Kabil and Minister of Investment Dalia Khourshid.
President El Sisi emphasized that this meeting represents a good opportunity to get a better understanding of their proposals and ideas on how to improve the investment climate and enhance economic cooperation with their respective countries. President El Sisi stressed Egypt’s commitment to cooperate with all investors and enable them to capitalize on the promising investment opportunities offered in various sectors, given Egypt’s advantages which qualify it to become a gateway into European, Arab and African markets. The President reviewed the efforts exerted to advance the economy, encourage investment and eliminate bureaucracy. He highlighted the government’s success over the past year in securing the power necessary for the ambitious development program, which is currently being implemented in Egypt and will allow for more investment to be injected in various areas.
President El Sisi highlighted that over the past period of time Egypt has adopted a range of measures to enforce security and stability in the country. He referred to the growing popular awareness of the need to maintain this stability, and counter attempts to undermine the nation and to use religion for political gains. The President reiterated that the citizens’ awareness is the basis for real stability. President El Sisi pointed out the launch of a number of national projects, adding that Egypt looks forward to the contribution of Arab and foreign investors to these projects given the diverse investment opportunities they offer.
Arab investors and representatives of Chambers of Commerce said they look forward to continuing cooperation with Egypt and expanding the size and scope of their companies’ businesses, given the promising prospects of the Egyptian business climate. They emphasized the need to continue efforts to reduce the level of bureaucracy, stabilize the foreign exchange market, eliminate administrative impediments for investors, and put in place a speedy mechanism for the settlement of investment disputes. They noted that these measures shall contribute to the improvement of the investment climate in Egypt.
President El Sisi stated that he is keen on following up on the measures adopted by the government to eliminate impediments facing companies operating in Egypt. He added that the political developments in Egypt over the past years have led to the accumulation of some problems, yet the state was capable of overcoming most of the challenges facing Arab and foreign investors over the past period, thus demonstrating a genuine political will to provide an environment conducive to investment in all areas. The President noted that the stabilization of the foreign exchange market is linked to the global economic conditions in addition to other domestic factors and confirmed that the government is committed to adopting all measures that shall lead to the stability of the foreign exchange market.
The Minister of Trade and Industry noted that the second “Egypt Investment Forum” is organized by the Federation of Egyptian Chambers of Commerce in collaboration with the ministries of trade and industry; and investment. He added that investors and representatives of Chambers of Industry and Commerce from 57 countries are participating. The Minister said the forum aims to introduce Arab and foreign investors to investment prospects and opportunities in Egypt and projects that could be implemented in the coming period. The Minister of Trade and Industry showcased a range of measures adopted by the ministry to facilitate procedures for investors and movement of trade.
The Minister of Investment reviewed steps undertaken by her ministry to overcome bureaucratic impediments facing investors. She noted that the ministry of investment has restructured the technical committees concerned with the settlement of investment disputes and has prepared a comprehensive list of problems facing investors, in order to reach swift and active solutions for these problems. This is, in addition to working on settling disputes filed against the state in arbitration cases.
Concluding the meeting, the President sent a message of assurance to Arab and foreign investors regarding the future of Egypt. He reiterated the state’s resolve to continue its efforts to advance the economy and realize a significant improvement in various sectors, in addition to pursuing policies and measures to facilitate procedures for investors and create a climate conducive to investment.
The preceding was a press statement and does not reflect the editorial policy of The Cairo Post.