Petroleum and Mineral Resources Minister Karim Badwi reiterated Egypt’s commitment to continuing efforts to reduce investment risk for emerging and mid-sized mining companies.
He said Egypt has strong fundamentals for success, including a geologically rich mineral landscape, robust infrastructure and diverse energy sources, stressing that work is moving swiftly in parallel to create a more attractive investment climate.
The minister made the remarks during an expanded meeting with chief executives from around 13 Australian mining companies during his official visit to Perth, Western Australia, as part of the ministry’s strategy to promote investment in Egypt’s mining sector.
The Petroleum and Mineral Resources Ministry said in a statement on Thursday that the minister engaged in an open dialogue with representatives of the companies.
Badawi said Egypt is advancing rapidly with comprehensive reforms aimed at attracting and facilitating mining investment and improving competitiveness.
He noted that the country has already overhauled mining legislation, converted the Mineral Resources Authority and the Mining Industries Authority into economic entities, adopted more investor-friendly contractual models, and introduced incentive measures and simplified procedures for companies seeking to invest in its market.
He added that direct dialogue with investors and careful consideration of their feedback have played a major role in shaping practical measures aligned with global investment standards.
The minister praised the visit of Australian investors to Cairo earlier this month and the swift steps taken to strengthen investment cooperation with Australia.
He said Egypt is looking forward to increased Australian investment inflows in the mining sector and is working to establish a supportive and attractive environment for such investments.
Executives from the Australian companies expressed appreciation for the serious and concrete steps taken by Egypt to attract foreign investment and improve the business environment in its mining sector.
They highlighted the clear progress in reducing investment risks and implementing key reforms, expressing confidence in the mining opportunities available in Egypt, which is rich in gold and other mineral resources.
