Minister of Investment and Foreign Trade Hassan el-Khatib said on Friday that Egypt is moving steadily toward building a more competitive, private-sector-led economy and called for a doubling of foreign direct investment to meet growth targets amid intensifying regional competition.
Speaking at a discussion with Harvard Business School (HBS) Alumnui the minister said, economic reforms aim to lift GDP growth to 6–7% and create a more attractive business climate, supported by clearer and more coordinated fiscal, monetary and trade policies.
Khatib highlighted Egypt’s strategic location, upgraded infrastructure and access to free trade agreements with more than 70 countries.
Priority sectors for foreign investment include labour-intensive and export-oriented industries including textiles, food processing, agribusiness, logistics and light manufacturing.
Customs clearance times had been cut to 5.8 days from 16, with a target of two days, the minister said, adding that new export subsidy program would pay dues within 90 days.
