(DNE file photo)
Minister of Investment Ashraf Salman revealed receiving a request from Philipp Rösler, executive director of World Economic Forum, to hold a conference in Egypt next December, The conference will include the heads of boards from the 50 largest companies worldwide to discuss investment opportunities in Egypt and the plans of economical and social reform.
“The government has a programme to protect serious investments and to create the climate to attract investments to Egypt,” said Salman. He added that he met with Ding Yun, president of products and solutions at Chinese tech firm Huawei Technologies.
The pair agreed to establish a free-zone system project that turns Egypt into a centre collecting and exporting Huawei products in the Middle East.
On the second day of the World Economic Forum, Salman said Mohamed Elmady, managing director of SABIC, would discuss the possibility of producing rebar and fertilisers in Egypt.
“The size of the Egyptian iron market is 8m tonnes annually” said Salman.
Elmady said the Egyptian market needs more integrated consulting firms for iron production, as the Egyptian market’s iron needs would reach 12m tonnes annually within the next 5 years.
In a statement released Friday, Salman said he held a roundtable meeting for the 10 largest Chinese companies in the field of energy, textile industry, construction and contracting, automotives industry, glass industry, iron and steel, shipping and cement. It was followed by an extended investment forum in the presence of about 150 representing 90 Chinese companies and economic figures.
“The government has a reform programme until 2020. It includes continuing subsidies restructuring and tax adjustments to increase the state’s resources and lower expenses, while developing incentive programmes to support economy,” said Salman.
“The government began a review of several economic legislation, with some modifications of existing laws, and added new legislation to facilitate the work of serious investors such as the bankruptcy law and the unified investment law and working to combat corruption in all its forms,” Salman said.
He continued by saying that around EGP 36bn of Suez Canal Project investment certificates have been covered in 5 days. With the initial output for certificates listed at EGP 60bn,the purchases so far reflect the confidence of the Egyptian people in the current leadership.
Salman said that a supplemental contract was signed aiming to develop an area of six square kilometres in the economic zone area northwest of the Gulf of Suez.
The contract stipulated that TEDA Investment company would develop the area on three stages by two square kilometres each stage and with $200bn investments in infrastructure and a total investment of roughly $3bn. The project will provide 40,000 direct jobs and targeted sales up to $15bn.
Salman invited Global Mining Co during a meeting with company’s Managing Director Gao Wei Kai, to visit Egypt. During the proposed visit, Gao would meet with the Minister of Electricity and become closely acquainted with the possibilities of the national grid for electricity and the possibility of upgrading its capabilities.
Salman added that the Egyptian government decided to allow the private sector to produce electricity through new and renewable energy projects.
“In the coming months, the private sector electricity purchase tariff will be announced,” Salman said. In the coming months, Egypt will witness a noticeable activity with respect to the launching of projects through public-private partnership (PPP) or through build operate transfer (BOT) projects.
