Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib received a delegation from the European Bank for Reconstruction and Development (EBRD) to discuss ways to enhance the investment climate in Egypt, according to a statement.

The two sides reviewed the bank's role in supporting economic development and touched upon the government's privatization strategy and corporate governance development mechanisms. This aims to enhance private sector participation and anchor Egypt's position as an attractive destination for foreign investment.

El-Khatib pointed out that Egypt's industrial sector offers promising opportunities, benefiting from a strong competitive advantage in the field of trained labor and advanced engineering skills.

He added that Egypt's foreign direct investment strategy is constantly evolving, through in-depth analysis of various sectors to identify promising opportunities accurately.

Therefore, the state witnessed a significant increase in foreign investment during the current year, with plans to double these investments and support economic growth rates through clear and stable policies that enhance investor confidence.

Addressing trade policy reforms, the minister asserted that Egypt seeks to be among the top 50 countries in global trade competitiveness indicators.

The exerted efforts resulted in reducing the time it takes for products to enter the local market from 16 days to 5.8 days, with a target of reaching two days before the end of 2025.

In accordance with World Trade Organization (WTO) rules, Egypt is benefiting from trade agreements with major economic blocs to boost access to global markets, while maintaining a balance between protecting local industries and encouraging exports.

Furthermore, the minister outlined plans to improve the business environment, indicating that Egypt is working on the new Business Ready report, the alternative to the Doing Business report.

The major challenges have been addressed, and proposed reforms have been sent to the private sector, most of which are legislative and can be implemented within nine months, according to El-Khatib.

As for the digital transformation, the minister stated that the landscape marks a fundamental pillar for boosting investment, as an electronic platform was launched to issue 389 licenses within 20 days, with the availability of electronic payments.

He emphasized that work is currently underway to re-engineer procedures to reduce steps, time, and bureaucracy, offering a smooth process for investors and enhancing the investment climate.

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