Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Lieutenant General Kamel Al-Wazir, Minister of Planning, Economic Development and International Cooperation Dr. Rania Al-Mashat, Minister of Finance Mr. Ahmed Kouchouk, and Minister of Investment and Foreign Trade Eng. Hassan El-Khatib.
The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said that the President was briefed on the ongoing executive steps made to enhance the competitiveness of the Egyptian economy and increase foreign direct investment through a unified national investment strategy. The strategy includes undertaking necessary structural reforms, setting specific objectives, implementing stable and clear policies, as well as adopting incentive-driven fiscal policies and open trade policies. This is in addition to providing the necessary energy for investment, encouraging the private sector, and continuing digital transformation efforts as a fundamental pillar for development.
The meeting discussed efforts aimed at alleviating burdens on investors, particularly by simplifying and streamlining investment-related procedures and approvals in Egypt. This is in addition to facilitating licensing procedures through the launch of a unified platform that offers electronic licensing services, and reducing non-tax financial burdens on investors and companies.
In this context, the President emphasized the importance of continuing to improve the investment climate and to strengthen Egypt’s position as a regional hub for attracting foreign direct investment in line with national priorities.
The meeting also touched on the developments related to the work of The Sovereign Fund of Egypt for Investment and Development, including the operational and legislative frameworks for maximizing the value of the Fund’s affiliate companies, as well as efforts to list and monitor state-owned enterprises to ensure increased investment value and internal returns from these companies.
President El-Sisi gave directives to continue efforts to maximize returns from state assets and generate added value for the Egyptian economy through their effective management by innovative strategies and partnerships with the private sector.
The meeting also addressed efforts to increase Egyptian exports, including the development of non-petroleum exports. The meeting reviewed the contribution of Egyptian exports to the Egyptian economy from 2003 to 2024, as well as export targets, which include access to new export sectors, efforts to increase the competitiveness and attractiveness of Egyptian products in global markets, and efforts to invest in export-supporting infrastructure.
The meeting also addressed the progress of a project to construct an Unclean Dry Bulk terminal at Abu Qir Seaport, as part of efforts to transform Egypt into a global hub for transportation, logistics, and transit trade. A study was also reviewed on establishing a logistics terminal for receiving and handling raw iron and billets in Adabiya, as part of efforts to transform Egypt into a global hub for the iron and steel industry.
President El-Sisi was briefed on the efforts made to study and improve the conditions of economic entities and reform them, including the most important steps and measures taken in this regard. The meeting also reviewed the national structural reform program and the efforts made with the European Union in connection with the agreement on the Macro-financial Assistance and Budget Support Mechanism.
The meeting also addressed the launch of the National Economic Development Narrative and its various axes, which include policies supporting the private sector to be the main driver of achieving growth and employment, focusing the economy on manufacturing and exports, achieving structural development for the Egyptian economy, implementing the necessary structural reforms to boost the economy, enhancing macroeconomic and financial stability, promoting foreign direct investment, and enhancing industrial development. In this regard, the President gave directives to rapidly complete the narrative.
