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Egypt keen to increase public investments to improve citizens' quality of life: Finance Minister - Daily News Egypt

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Egypt keen to increase public investments to improve citizens’ quality of life: Finance Minister

Mohamed Maait, Canadian Ambassador in Cairo discuss strengthening economic, development cooperation, trade partnership

Egypt’s Minister of Finance Mohamed Maait has highlighted the Egyptian government’s keenness to increase public investments in different development sectors to effectively improve public services and the quality of life for citizens. 

This will happen in a manner that reflects the state’s efforts to maximise spending on laying the foundations for comprehensive and sustainable development in accordance with Egypt’s Vision 2030. 

This sheds light on the importance of the national projects implemented in various sectors. Promising development opportunities open up broad prospects for investment, and attract new segments of investors and international development partners to work in Egypt to drive job-rich economic growth.

The remarks came during the minister’s meeting with the Canadian Ambassador in Cairo Louis Dumas and his accompanying delegation, on Wednesday.

During the meeting, Maait said that Egypt is looking forward to strengthening the means of economic and development cooperation and commercial partnership relations with Canada.

This would happen in a way that maximises Egyptian exports and encourages Canadian investments in Egypt, including securities. He pointed out that his ministry pays great attention to the joint cooperation with its counterpart in Canada. This comes in light of the endeavour to digitise the Egyptian financial system, using the latest international technologies.

The minister stated that he held an open meeting with Canadian investors working in Egypt, and others who wish to direct their investment activities to Egypt, through the Egyptian-Canadian Business Council. 

This step is part of the government’s endeavour to create a favourable environment for investment, promote investment opportunities internationally, facilitate procedures, and overcome obstacles.

For his part, Dumas expressed his happiness with his return to diplomatic work in Egypt again, after his first term in the 1990s. 

He noted that Egypt is witnessing tangible development in all fields by implementing a number of major national projects that encourage Canadian investments to expand in Egypt. He added that Egypt is one of Canada’s largest trading partners in Africa with strong friendly relations. 

Dumas also stressed that the Canadian side is keen on promoting bilateral economic and development relations, and supporting Egypt’s Vision 2030.

The ambassador explained that he always gives great attention to further reinforcing cooperation between Canadian institutions and the Ministry of Finance, especially with the technological development the Ministry of Finance is witnessing in many fields In order to benefit from the Canadian expertise in this regard.

The meeting was attended by Joseph Tadros, Trade Commissioner at the Canadian Embassy in Cairo, and Yasmine Wahab, Commercial Commissioner at the Canadian Embassy. 

On the Egyptian side, the meeting was attended by: Reda Abdel Qader, Head of the Egyptian Tax Authority; Ambassador Hossam Hussein, Adviser to the Finance Minister for Foreign Relations; Nisreen Lashin, Head of the Investor Support Unit; Doaa Hamdy, Acting Head of the Foreign Relations Unit; and Mounira Makram, Director General of Diplomatic Exemptions at the Tax Authority.

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