Under the auspices of President Abdel Fattah Al-Sisi, the 3rd Egypt Investment Forum, organised by the General Federation of Chambers of Commerce in collaboration with the Union of Arab Chambers and Al-Iktissad Wal-Aamal group, was inaugurated on Saturday evening with the participation of more than 600 business leaders and development partners from around the world representing about 51 countries.
The participants confirmed that the next phase will attract more local, Arab, and foreign investments to invest in the Egyptian market, especially in light of the reports and positive indicators issued by many international organisations on the future of the Egyptian economy.
Minister of Trade and Industry Tarek Kabil said that the industrial investment map provides more than 4,800 investment opportunities and that Egypt is committed to taking all measures to improve the investment climate in Egypt.
Kabil added that the economic reform plan adopted by the government has restored Egypt to its natural position on the global investment map as one of the most important investment targets in the region.
Kabil noted that the government’s efforts resulted in a decrease in the budget deficit to 9.5% and a rise in GDP to 4.9%. The efforts also led a record increase in the Central Bank of Egypt’s reserves and an increase in foreign investments, in addition to an increase in exports and a decrease in imports by more than 20%.
The minister added that the trade balance increased by 35%, which had a significant impact on the increase in the size of the domestic market, in addition to achieving an unprecedented rise in the growth of industrial production in Egypt.
Kabil pointed out that the government has taken a number of measures necessary to correct the country’s economic course. It adopted a historic programme to support the necessary infrastructure for investment, including the New Suez Canal, the development of the Suez Canal Axis, construction of 5,000 kilometres of roads and three ports, and the development of three other ports.
The programme also led to the construction of more than 500,000 social housing units and added 15 GW of electricity to the national grid. The government also established several sewage and industrial plants, allocated dozens of industrial zones, and facilitated procedures for building industrial complexes. Moreover, more than 2,300 factories were inaugurated over the past two years.
Kabil concluded that the government continues to provide the necessary support and facilities for the business community and investors.