Egypt, Jefferies discuss boosting foreign investments in technology, manufacturing
Updated 9/22/2024 9:25:00 AM
Arab Finance: The Egyptian government is working on attracting new foreign investments in the fields of technology, manufacturing industries, and financial services, Minister of Investment and Foreign Trade Hassan El-Khatib highlighted in a meeting with representatives from the global financial institution Jefferies.
The discussions focused on bolstering foreign direct investment (FDI) as part of the government’s strategy to reinforce collaboration with international financial institutions and spur economic growth.
El-Khatib emphasized the government’s commitment to economic policies and structural reforms aimed at strengthening the role of the private sector in Egypt’s economy.
He pointed out significant infrastructure investments over the past decade, including the development of a modern road network, new cities, and upgraded ports, laying the groundwork for increased private sector involvement in the next phase of development.
Efforts to simplify the tax structure and reduce fees for investors were also highlighted as part of the government's measures to improve the business environment.
Additionally, the state ownership policy and the upcoming public offerings (IPOs) for government companies were reviewed, with a focus on enhancing transparency and encouraging private sector participation in managing and developing state-owned enterprises.
El-Khatib noted the great potential in Egypt’s renewable energy sector, as memoranda of understanding for 30 gigawatts of solar and wind energy projects were inked. He expressed optimism about future investments in this field, as well as in infrastructure.
Looking ahead, El-Khatib expects the current fiscal year to witness the completion of several investment deals, particularly in renewable energy and infrastructure.
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