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 Mustafa 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) program, 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 program, 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 program 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.
Source: The Egyptian Gazette
