Hassan El-Khatib, Minister of Investment and Foreign Trade, met with several members of the Sovereign Fund of Egypt (TSFE) to review the Fund’s efforts to attract investments within the framework of the management and exploitation of state-owned entities and companies.
El-Khatib stressed that the Egyptian government is keen to manage its assets and maximize their returns as the property of future generations. He noted that the size of the sovereign fund must be commensurate with the size of the Egyptian economy. This can be achieved by moving towards implementing the strategies and visions set, and highlighting the successes and targeted results within the framework of work.
He highlighted state’s current trend towards creating a favorable environment for the investment climate. This should allow the private sector to work and lead economic development. He also noted that the government is adopting a set of measures related to monetary, financial, tax and trade policies, which would create an open investment environment with clear and transparent economic policies.
El-Khatib explained that the necessary structural reforms that the government is working on during in this phase to enhance the investment climate in Egypt include main axes, most notably monetary policy through the Central Bank of Egypt (CBE) and controlling inflation rates. In addition to that, financial policy and a focus on taxes more transparently and clearly. The third axis is related to trade policy by facilitating the movement of foreign trade in Egypt, and adopting an open policy in reducing the customs clearance period and the exit and entry of goods.
The fourth axis is related to state ownership policy. TESF represents the most appropriate solution in this context, as it plays an important role in attracting and encouraging joint investment in state assets.
He pointed out that Egypt has a competitive business environment that qualifies it to be a major investment destination in the region.
