Egyptian Minister of Investment and Foreign Trade Hassan el-Khatib took part on Tuesday in the monthly meeting of Asian and Pacific ambassadors in Egypt.
The meeting, hosted by the Embassy of New Zealand in Cairo, came at the invitation of Amy Laurenson, the Ambassador of New Zealand and Dominic Goh, Singaporean Ambassador to Cairo and Chair of the Asian Group.
Around 20 ambassadors from the Asian countries attended the event.
Minister el-Khatib stressed the historical ties binding Egypt and Asian nations, describing them as firm and deeply rooted.
He underscored Cairo’s commitment to enhancing partnerships with these countries while benefiting from their advanced expertise across various sectors.
El-Khatib said that the Egyptian government aims to localise industry, increase production and boost exports. He highlighted the government’s keenness to enhance private sector’s role as a key driver of economic growth, with active participation in numerous developmental projects, including infrastructure, new cities, and the New Administrative Capital.
The minister also referred to the government’s commitment to offering comprehensive support for both local and foreign investments in Egypt.
During the meeting, el-Khatib reviewed recent tax and investment incentives approved by the Egyptian government to alleviate financial burdens on companies operating across the country. This approach aims to foster a more competitive and attractive investment climate. He pointed out that the local market boasts numerous advantages and exceptional investment opportunities, including its strategic geographical location, access to qualified labour at competitive prices, skilled engineers, competitive wages, and available land and industrial zones. Additionally, Egypt is connected to a significant number of free trade agreements, which enhance the competitiveness of Egyptian products in global markets.
