DOHA, April 13 (MENA) - President Abdel Fattah El Sisi said Sunday Egypt has a safe and stable environment conducive to investment.

This came during Sisi's meeting in Doha with representatives of the Qatari business community.

The meeting was also attended by Sheikh Mohammed bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar and a host of Qatari ministers.

Representatives from the Qatar Chamber of Commerce and Industry and the Qatari Businessmen Association also attended, along with a wide range of participants from major companies operating in the Qatari market, spokesperson at the presidency Mohamed El-Shennawy, said.

The president began the meeting by emphasizing that the world has faced major challenges in recent years, starting with the repercussions of the COVID-19 pandemic, continuing through the sharp fluctuations in food and energy markets, and continuing with the current trade tensions, which could cast a shadow over the global economy and the multilateral trading system.

He pointed out that these realities require concerted efforts to enhance Arab economic integration and deepen cooperation between Arab countries, emphasizing the important role of the business community in achieving these goals.

The president called on Qatari companies and businessmen to expand their investments in Egypt, emphasizing that Egypt represents a promising opportunity for investors, given its unique strategic location, skilled workforce at competitive costs, favorable energy prices, free trade agreements with Arab and African countries, and legislative framework that encourages investment.

Sisi also reviewed the diverse investment opportunities available in Egypt, including the communications and information technology sectors, manufacturing industries, new and renewable energy, tourism, and other sectors in which Egypt seeks to attract more investment, with a focus on localizing industry and enhancing reliance on advanced technology, particularly artificial intelligence.

He noted Egypt's openness to the form of partnership with Qatari investors wishing to operate in Egypt.

Sisi indicated that Egypt continues to implement major infrastructure projects, build new and smart cities, develop the transportation and port systems across the country, and launch integrated international logistics corridors and centers near seaports.

In this context, Minister of Investment and Foreign Trade Hassan El Khatib gave a comprehensive presentation on the efforts made by Egypt over the past ten years to develop its infrastructure to make it attractive to investment.

He pointed out that the state has invested approximately $550 billion over the past ten years to develop its infrastructure, including, but not limited to, the construction of 7,000 kilometers of roads, the establishment of new ports, and 24 new cities.

“The current government is intensifying efforts to create an attractive and more competitive investment climate at the regional and international levels, and that in this regard, it has adopted a monetary policy aimed at controlling inflation, achieving economic stability, and promoting growth,” said Sisi.

Egypt has also adopted a fiscal policy aimed at regulating and alleviating non-tax financial burdens and unifying the parties dealing with and collecting from investors.

Egypt has also adopted a trade policy aimed at deepening and protecting local industry, maximizing the benefit from existing trade agreements, facilitating procedures, and increasing exports to exceed $145 billion by 2030, and for Egypt to be among the top 50 countries in global trade indicators within three years and among the top 20 countries by 2030.

The Minister of Investment reviewed Egypt's competitive advantages as an attractive destination for foreign investment, particularly from Qatar, as well as the sectors in which the state aims to attract foreign direct investment, such as industry, communications and information technology, agriculture, logistics, new and renewable energy, education, tourism, and health.

The president emphasized that the Egyptian economy had gone through difficult times in recent years, but the state had taken the necessary reform measures, and there was no longer a problem transferring revenues in hard currency outside Egypt for any investor.

He added that "the relevant state agencies are seeking to reduce the procedures related to issuing licenses for investors and are working to implement the concept of a one-stop shop and the golden license."

Sisi said that aiming to increase the number of tourists Egypt receives annually from 16 to 30 million is a goal that must be achieved in light of Egypt's significant tourism potential.

The president pointed out that the state has already established seven logistics stations to connect the Red Sea and the Mediterranean, including relevant ports linked to a robust road network.

He invited Qatari investors to visit these stations, emphasizing that there is a great opportunity for investors. (MENA)
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