During her participation at the World Bank’s Spring Meetings in the US capital Washington, the Minister of Investment and International Cooperation Dr. Sahar Nasr met with several major US companies desiring to invest in Egypt at the United States Chamber of Commerce (USCC).
The Minister gave an overview of the reforms achieved during the previous period and stated that the Egyptian government worked in full swing to encourage the private sector’s investments being a driver of economic growth, job creation and elimination of poverty, thus Egypt implemented economic reforms and huge investments. Legislative and regulatory reforms were also given an overview of by the Minister, including the issuance of the new Investment Law and its Executive Regulations, the Bankruptcy Law, and amendments to the Companies and the Capital Market Laws and their Executive Regulations. Dr. Nasr noted that the new Investment Law included several incentives and guarantees for investors.
Moreover, the Minister added that the government gave due regard to the private sector’s contributions to the development process through the implementation of mega national projects, topped by the Suez Canal Development Project aiming to obtain optimum benefit from the potentials of such promising area being a gate between the East and the West. This is in addition to establishing several new cities, among of which are the New Administrative Capital and the New Alamein, besides fostering a legislative environment attractive for the private sector which has been conducted through the Investment Law and its complementary laws.
MIIC launched Egypt’s investment map, including all investment opportunities in various areas, developed in coordination with the rest of ministries, mentioned Dr. Nasr, who called on the US companies to identify Egypt’s distinguished investment opportunities and benefit from the Investment Law’s incentives.
Further, the Minister commended several US companies for the expansion of their activities in Egypt and the injection of new investments such as Mars Companies, General Electric, Honeywell and Kellog’s.
During the meeting, US companies expressed their keenness on injecting new investments in the Egyptian market during the upcoming period, while commending the steps taken by Egypt to improve the business environment during the previous period.
In addition, the Minister held other meetings with several officials. Head of Mirasco, Inc. Mr. Samy Rizk expressed his company’s keenness on investing in Egypt and benefiting from legislative and institutional reforms carried out by the Egyptian government.
On his part, USCC’s Representative Mr. Hesham Fahmy indicated that he had visited the Investor Service Center (ISC) in Egypt, commending ISC’s facilitation for investors.
Nasr also met with Mr. Johannes Han, EU Commissioner for the European Neighborhood Policy. The two sides discussed, the future projects under the EU’s unified support program for Egypt until 2020,, especially in the areas of energy, transportation, sanitation, education, health and women’s empowerment, in addition to the agreements expected to be signed during the visit of Ms. Frederica Mujerini, EU High Representative for Foreign Affairs and Security Policy, to Egypt on April 30th.
The minister stressed the government’s appreciation for the continued support of the European Union and its support for Egypt’s development strategy and priorities, calling for increased cooperation and support in the coming period.
The minister pointed out the importance of the European Union as a strategic partner with Egypt, stating that the grant volume of more than 1.3 billion euros were provided for ongoing projects, this figure rises to 11 billion euros, with the addition of grants financing and debt swaps from EU Member States and European financial institutions, making the EU the largest donor to Egypt.
Johannes Han, European Commissioner for Neighborhood Policy, stressed that the EU is Egypt’s first partner, pointing out the importance of work between Egypt and the European Union.
Subsequently, the Minister met with Mr. Youssef Al Bassam, Vice President of the Saudi Development Fund, where they discussed the development of funding for the Sinai reconstruction plan, and reviewed the results of the meetings of Arab funds held in Jordan two weeks ago.
The minister stressed the keenness of the Egyptian government to expedite the implementation of the Sinai reconstruction plan, to its fullest extent possible in accordance with the directives of President Abdel fattah El-Sissi, in order to develop this region as soon as possible, thus contributing to the provision of large development projects that provide employment opportunities for youth and women.
The two sides discussed a number of new projects that the Saudi Development Fund can participate in supporting, specially the sectors of health, education and housing, as projects that represent a priority for development in Egypt.
