State seeking to promote export potential via increasing volume, prospecting new sectors
Egyptian President Abdel Fattah El Sisi has called for sustained government action to enhance Egypt’s position as a regional hub for attracting foreign direct investments in accordance with national priorities, coupled with efforts to boost investment in the exports-supporting infrastructure.
In directives he gave during a meeting he called on Sunday with Prime Minister Moustafa Madbouli and the Cabinet ministers in charge of economic portfolios, President Sisi also recommended the continuation of efforts to optimise to returns from the state’s assets and generate added value for the national economy through effective management, innovative strategies and partnerships with the private sector.
The meeting was devoted to a consideration of the executive steps now under way to bolster the national economy’s competitiveness and increase foreign direct investment through a unified national investment strategy, Presidency Spokesman Ambassador Mohamed el-Shennawy said.
Taking part in the meeting were Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, General Kamel el-Wazir, Planning, Economic Development and International Co-operation Minister of Rania al-Mashat, Finance Minister Ahmed Kouchouk, and Investment and Foreign Trade Minister, Engineer Hassan El-Khatib.
The unified strategy, Spokesman Shennawy said, involves the introduction of the structural reforms deemed necessary, the definition of specific targets, the pursuance of clear and stable policies, the effectuation of motivating financial policies and the adoption of trade policies characterised by openness.
Other aspects of the strategy reviewed during the meeting included the provision of the necessary energy resources for investment, encouraging private sector participation, and advancing digital transformation as a key pillar for development.
Also discussed in this regard were the efforts to ease burdens on investors, particularly simplifying approval procedures, facilitating the issuance of investment licenses via a unified electronic platform, and reducing non-tax financial charges on businesses. In light of this discussion, President Sisi stressed the importance of enhancing Egypt’s investment climate to position the country as a regional hub for foreign direct investment.
Regarding the functions of the Sovereign Fund for Investment and Development, the review covered the operational and legislative frameworks for maximising the value of fund-affiliated companies and the ongoing efforts to survey and monitor state-owned companies with a view to optimising their returns.
Efforts to boost Egyptian exports, including the development of non-oil exports, were then reviewed, Spokesman Shennawy said, adding that the review outlined export targets, expansion into new export sectors, increasing product competitiveness in global markets, and investment in infrastructure to support exports.
The following topic for consideration was the development of a dry bulk terminal at Abu Qir Port as part of Egypt’s goal to become a global logistics and transit trade hub. In this connection, a study for establishing a logistics facility for iron ore and billet handling in Adabiya was reviewed. The proposal comes within the framework of Egypt’s efforts to develop into an international centre for the iron and steel industry.
President Sisi was then briefed on the progress of the national programme for structural reforms and the government’s efforts to study and improve the conditions of economic establishments and restructure them, Spokesman Shennawy said.
In this context, he added, the discussion covered the efforts undertaken with the European Union regarding macroeconomic support and budget assistance. The launch of Egypt’s national economic development narrative was also put for consideration. The projected instrument features policies that support the private sector in emerging facilities as principal driver in the achievement of economic growth and job creation.
The president gave directives to the government to expedite the finalisation of this instrument which involves focusing on industrialisation, export expansion, structural development of the national economy, consolidating macroeconomic and financial stability, promoting foreign direct investment and boosting industrial development, Spokesman Shennawy said.
