Investment Ministry takes major steps to boost investment climate: El-Khatib

Updated 11/21/2024 4:17:00 PM

Arab Finance: The Ministry of Investment and Foreign Trade is taking steps to enhance the country's investment climate and foster greater competitiveness by simplifying procedures, removing barriers, and ensuring a supportive institutional and regulatory environment, investment minister Hassan El-Khatib said in a press conference.

El-Khatib outlined the ministry's plan to grow Egypt's economy and create a flexible, stable economic environment that inspires investor confidence.

This comes as the ministry aims to promote an investment environment characterized by transparency and competition.

Moreover, he noted that the government has introduced a range of policies to ease financial and regulatory burdens on investors.

These include measures to reduce non-tax financial obligations and simplify administrative procedures.

The minister also highlighted the importance of policy consistency, stating that clear and stable regulations are crucial to building trust with investors.

Additionally, he detailed a two-phase plan for implementing these new policies, with the first phase addressing the financial challenges faced by companies, while the second phase involves a sector-by-sector analysis, conducted in coordination with relevant authorities.

El-Khatib revealed an ambitious plan to gradually reduce customs clearance times to just two days by 2025.

This plan will be executed in two stages: the first aims to cut the clearance time to four days to enhance the efficiency of customs procedures, and the second phase will focus on reducing it further to just two days, which will significantly lower logistics costs and improve Egypt’s competitiveness in international trade.