El-Khatib highlights policies to boost Egypt's trade, investment in senate address

Updated 11/24/2024 2:23:00 PM

Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib outlined the state’s efforts to attract investments and enhance the movement of Egypt’s foreign trade in a recent address before the senate general assembly, as per a statement.

He emphasized the ministry's ongoing work to finalize the strategic investment plan to increase foreign direct investment (FDI), focusing on improving the business environment and streamlining procedures to position Egypt as a key investment and trade hub in the region.

El-Khatib highlighted Egypt’s competitive advantages, including its advanced infrastructure, new cities, a skilled workforce, and strategic geographic location, making it an ideal gateway to markets in the Middle East, Europe, Africa, and Asia.

The Egyptian market is increasingly attracting new companies due to its vast investment opportunities and growth potential, he added.

The minister pointed out that Egypt’s strengths include abundant renewable energy resources, free and preferential trade agreements with over 70 countries, and a range of investment incentives that enhance the country’s appeal to both local and foreign investors.

He emphasized the government’s commitment to creating a flexible, stable economic environment with a focus on transparency and competitiveness, further boosting the role of the private sector as the primary driver of economic development.

El-Khatib also discussed the state's efforts to support the localization of industry, protect it from unfair commercial practices, and grant the private sector a central role in the economy.

In this context, he highlighted the government’s supervision and regulatory role in ensuring a fair and transparent investment landscape.

The minister also addressed the sovereign fund’s role in maximizing the value of state assets, revitalizing national brands, and enhancing their competitiveness.

He noted the ministry’s work to improve the institutional and legislative environment for investments, simplify procedures, and eliminate barriers facing investors, all while implementing reforms in financial, monetary, and commercial policies.

One of the key measures El-Khatib outlined is the government's plan to gradually reduce customs clearance time to just two days by 2025.

The plan consists of two phases: the first phase aims to reduce the clearance period to four days, which will improve customs operations, while the second phase aims to bring it down to two days, enhancing trade competitiveness and significantly cutting logistical costs.

This, in turn, will foster a more favorable business environment and contribute to the overall economy.

El-Khatib concluded by emphasizing that these reforms and policies are designed to open Egypt’s trade policy to global markets, boost Egyptian exports, and create an attractive environment for local industries.

The Minister expressed confidence that these efforts would elevate Egypt’s position in global trade rankings, projecting the country to rank among the top 50 trading nations in the near future, with aspirations to move into the top 20 by 2030 through a significant increase in exports..