Egypt is expected to unveil a fresh package of investment opportunities across key sectors of its economy, during the upcoming joint Egyptian-European investment conference, scheduled to be held here from 29 to 30 June.
Prime Minister-designate Moustafa Madbouli disclosed in a recent meeting with a number of Arab and foreign investors the government’s intention to present a diverse range of what he described as ‘attractive’ investment opportunities during conference.
The government, he said, has a strategy to foster transparency, implement clear economic policies, and establish a stable legislative framework to attract more investors to the local market.
“We will do this by opening new investment avenues supported by smart tax and financial policies,” the prime minister said during the meeting.
He cited industry; agriculture; ICT, and tourism as primary sectors of focus among international investors and the Egyptian government alike.
The prime minister also underscored his government’s commitment to implementing the Initial Public Offerings (IPOs) programme, which involves the allocation of shares in state-owned companies to the private sector on the road to enhancing the role of this sector in the national economy.
The IPOs programme, part of the State Ownership Policy Document, aims to offer shares in over 35 state-owned companies to strategic investors.
As of January 2024, the programme has attracted $3.5 billion in investments, nearing its $5 billion target.
The government, Madbouli said, aims to increase the private sector’s contribution to the national economy by 50 per cent within the current year and 65 per cent over the next three years.
Meanwhile, the government has received instructions to provide greater investment opportunities to European companies and entities, particularly in the industrial sector.
It has pledged to improve investors’ confidence, and transparency, and carry out consistent economic policies designed to provide effective solutions and create stable legislative frameworks conducive to sustained investment growth.
“This year should be one for investment promotion,” the prime minister said.
He referred to what he described as a ‘positive’ global response to recent economic reform measures in Egypt.
Preparations are being made to ensure the success of the Egyptian-European investment conference.The government has already formed a dedicated working group to prepare for the event.
The group consists of representatives of the Cabinet, the General Authority for Investment and Free Zones (GAFI) and relevant ministries.
GAFI CEO, Hossam Heiba, said his authority has a plan for the enhancement of investment co-operation with the EU under the Comprehensive Strategic Partnership Agreement.
Heiba paid a visit to Belgium in February to further solidify co-operation with the EU.
During the visit, he met several European Commission officials to review the incentives Egypt offers foreign investors wishing to launch their own businesses in it.
For their part, European counterparts expressed strong support to Egypt’s economic reforms and confirmed their participation in the investment conference.
The EU is also eager to strengthen ties with Egypt on the road to increasing trade and investment cooperation, the European officials told Heiba.
The GAFI head noted that European Commission officials were interested in facilitating trade and restoring investors’ confidence in the Egyptian market.
He discussed with the European Commission officials the possibility of establishing renewable energy and green hydrogen projects in Egypt for potential export to Europe.
The Egyptian private sector, Heiba said, must participate actively in the conference to establish partnerships with its European counterparts.
According to Heiba, manufacturing, services and communications and information technology have been Egypt’s most attractive sectors for European investments since the end of June 2023.
“Egypt also aims to increase co-operation with Europe on outsourcing services, semi conductor design and development, agriculture, and green energy,” Heiba said.
On March 17, President Abdel Fattah El Sisi and European Commission President, Ursula von der Leyen, signed a joint declaration on the Strategic and Comprehensive Partnership between Egypt and the EU.
The EU acknowledged Egypt, meanwhile, as a reliable partner, highlighting its role as a pillar of security, moderation, and peace in the Mediterranean, the Near East and Africa.
