Investment and Foreign Trade Minister Hassan el Khatib has pledged government backing for
companies operating in the country, as he met with Henkel Egypt’s President Carole Milan.
The meeting, attended by N Gage Consulting Group’s Karim Rafaat, focused on the German
firm’s ongoing projects and expansion plans. El Khatib emphasised the government’s commitment to creating a favourable business environment to attract both domestic and foreign investment.
Henkel Egypt, which has been operating in the country for 32 years, is a key production and export hub for the company, particularly in Africa. Milan said the firm is increasing its local production and exports to align with Egypt’s industrialisation strategy.
The minister also outlined plans to review export support programmes and gather feedback from businesses on improving the overall business climate.
Egypt is keen to boost its economy and create jobs through foreign investment, while also increasing its exports to global markets.
The government has secured earlier this year a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that brought $35 billion of investments to the country.
The deal with ADQ, the smallest of Abu Dhabi’s three main sovereign investment funds, is for the development of the Ras El Hekma peninsula and could eventually attract as much as $150 billion in investments, according to Prime Minister Mostafa Madbouli.
