Hassan El-Khatib, Minister of Investment and Foreign Trade, participated in the monthly meeting of the ambassadors of Asian and Pacific countries in Egypt, which was organized by the Embassy of New Zealand in Cairo.
The event included 20 ambassadors of Asian countries in Egypt, in addition to Ahmed Shaheen, Assistant Minister of Foreign Affairs for Asian and Pacific Affairs and Australia.
El-Khatib stressed the close historical relations between Egypt and Asian countries. He pointed out that Egypt wishes to strengthen partnerships and cooperation with Asian countries and utilize advanced Asian expertise in all fields.
He added that the Egyptian government seeks to localize and foster local industry and manufacturing, raise production rates and increase exports. He noted that the government seeks to fortify the role of the private sector as a major driver of economic growth, as it participates in many development projects of the state, including infrastructure projects, new cities and the New Administrative Capital.
El-Khatib added that the government will offer all kinds of support to local and foreign investments in Egypt. Moreover, it is currently working to provide more facilities for investors by easing investment procedures.
The Minister also reviewed the tax facilities and investment incentives recently approved by the Egyptian government, as well as the Ministry of Investment’s vision to reduce non-tax financial burdens on companies operating in Egypt. Through this, it attempts to create a more competitive and attractive investment environment.
The Egyptian market has many distinct investment advantages including attractive geographical location, low-cost qualified labour, and industrial zones, according to El-Khatib. Egypt also has many free and preferential trade agreements, all of which boost the competitiveness of Egyptian products in global markets.
He also stressed that Egypt sought to enhance its position as a leading global power in the production and export of green hydrogen, through the National Strategy for Low-Carbon Hydrogen, an essential part of Egypt’s vision to shift towards renewable energy.
