ALGIERS – Egypt is considered an attractive destination for investments in numerous domains, Prime Minister Moustafa Madbouli told representatives of the Algerian private sector.
Delivering a speech during the Egyptian-Algerian Businessmen Economic Forum, which is held under the rubric “Algeria-Egypt: history…shared visions in serving promising economic partnership”, Madbouli said Egypt wants the private sector to account for 65 per cent of all investments in the country within three years, up from around 30 per cent at present.
“You have a promising market in your second country Egypt..various investment opportunities are waiting for you,” added Madbouli.
He further said that unprecedented major national and development projects that are being implemented nationwide provide promising investment opportunities.
Egypt also plans to open new spheres for foreign direct investment, including IT, seawater desalination projects, and new and renewable energy, he further said.
Talking about the country’s efforts to introduce additional incentives for investors, Madbouli pointed out to the decision which allows the establishment of companies virtually, without obliging them to have a physical headquarters.
Efforts are underway to prepare for additional incentives for investors who set up in certain areas, including the New Administrative Capital, New Alamein City, New Mansoura and the Suez Canal Economic Zone (SCZONE), he further said.
The premier, meanwhile, extended his sincere appreciation for the warm reception from all Algerian officials.
He also hailed the good organisation of the Businessmen Forum and the Egyptian-Algerian High Joint Commission.
Speaking during the forum, Madbouli also pointed out to the crucial role played by the private sector in enhancing the economic activity and attaining overall development.
Madbouli said it is now a critical stage for the whole world, especially for emerging markets, after the pandemic and the Russian-Ukrainian crisis created obstacles to the global business community and the investment climate.
Consequently, Egypt is keen on holding consultations with the various governments in order to coordinate policies and exchange experiences and viewpoints to encourage the private sector to carry out more investments.
During Madbouli’s visit to Algeria, he held several meetings with senior Algerian officials and signed a number of memoranda of understanding between the two sides.
The Egyptian-Algerian High Joint Commission, which was held under the chairmanship of the two counties’ prime ministers, witnessed the signing of 13 agreements in several spheres.
The agreements include trade, industry, Awqaf, water resources, higher education and scientific research, environment, small and micro-sized enterprises, bourse and financial supervision along with promoting investments and exports.
