El-Khatib highlights Investment Ministry's 2024 achievements
Updated 12/29/2024 2:03:00 PM
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib presented an overview of the ministry's significant achievements during 2024, showcasing efforts to bolster local and foreign investments and enhance Egypt's exports globally, as per a statement.
The ministry's initiatives aimed to create a competitive investment climate, streamline procedures, and support businesses to attract more investments across productive and service sectors.
The General Authority for Investment and Free Zones (GAFI) offered over 1,000 industrial investment opportunities across 17 industrial zones in 14 governorates.
Additionally, more than 450 industrial land plots were made available through an investment map website, with the adoption of electronic signature technology accelerating digital transformation in investment services.
The ministry signed numerous agreements to enhance cooperation and attract foreign direct investments, including partnerships with HSBC Bank Egypt, the British Foreign Office, and the African Development Bank.
Key efforts also involved promoting entrepreneurship through training programs and consultations benefiting 600 entrepreneurs in 17 governorates.
The ministry further engaged with delegations from China, Japan, Hong Kong, and Serbia, solidifying trade and investment ties.
Egypt's export sector saw remarkable advancements, with the provision of 960 export opportunities worth $2.3 billion and disbursing export support totaling EGP 16.2 billion under the export arrears payment program.
The ministry also issued 152 free sale certificates to facilitate exports to African and Arab markets.
To reduce customs clearance times, the ministry implemented a decision to operate ports nationwide seven days a week, including official holidays.
Exhibition halls spanning 16,000 square meters were rehabilitated, supporting the organization of 30 domestic exhibitions and Egyptian pavilions at 36 international events.
The ministry’s collaboration with the World Bank included preparatory efforts for Egypt's National Strategy for Foreign Direct Investment (2025–2030).
A landmark achievement was the signing of a free trade agreement with Serbia, expected to boost bilateral trade.
Key sustainability milestones included the establishment of Egypt’s first factory with 100% Vietnamese investments, producing petrochemicals at an initial cost of $30 million, and the launch of a medical tourism resort in collaboration with Maxim Investment Group, aimed at positioning Egypt as a global medical tourism hub.
With 99 training programs benefiting 3,520 trainees in export and import fields, the ministry demonstrated its commitment to capacity building.
Recognition for excellence included awards such as the AIM Investment Award for the Middle East and North Africa and the Excellence in Sustainability Award for attracting major investment projects.
El-Khatib emphasized the ministry's ongoing dedication to fostering an environment conducive to investment and trade growth, reinforcing Egypt's economic stature on the global stage.
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