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Egypt Says Has Promising Opportunities for Foreign Investment

Egypt Says Has Promising Opportunities for Foreign Investment

Saturday, 31 July, 2021 - 11:15
A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019. Reuters

Minister of Finance Mohamed Maait said Egypt is working on opportunities for local and foreign investment to create more jobs and strengthen the national economy.

In a meeting with the Indian Ambassador to Cairo, Ajit Jupiter, and his accompanying delegation, the minister asserted that Egypt looks forward to increasing the volume of foreign investments, especially in energy, petrochemicals, communications, information technology, iron and steel, transportation and communications sectors.

“We seek to attract new foreign investors, including Indians, to the government securities market,” he explained.

The minister referred to the depth of the bilateral cooperation relations between Egypt and India. "We seek to develop and advance them to broader horizons that achieve the interests of the two peoples."

The Ministry of Finance is keen to implement programs in cooperation with its Indian counterpart in various fields and hold meetings with the Indian business community to increase opportunities for investment between the two countries.

Maait explained that the ministry is working to overcome all obstacles and challenges that may face foreign investors, contributing to facilitating procedures, saving time and effort, advancing production, and maximizing the role of the private sector.

He pointed out that Egypt continues to modernize and automate the tax and customs systems and simplify and digitize procedures.

Egypt was one of the first countries in Africa and the Middle East to implement the electronic invoice system, with over 1,840 companies sending more than 23.5 million e-invoices.

The minister affirmed the continuation of structural reforms to achieve financial stability and maintain a sustainable growth rate to ensure the preservation of the economic gains and the maintenance of a safe economic path.

The Indian ambassador praised the economic reform program, which Egypt successfully implemented and was reflected in the improvement of financial performance indicators and the flexible handling of the coronavirus pandemic’s impacts.

He pointed out that Indian companies were willing to carry out more investments in the economic zone of the Suez Canal and Port Said in vital areas, including recycling and energy.

He asserted the importance of holding a workshop to exchange expertise with Egypt on the mechanisms for developing the tax systems in the two countries, which contributes to the development of human cadres, in addition to discussing ways of cooperation in other economic and social fields.

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