The Minister of Planning and Economic Development reviews investment opportunities in Egypt during her participation in the Egyptian-Omani Businessmen Forum

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, recently participated in the Businessmen Forum of the Arab Republic of Egypt. This was held to coincide with the visit of the Sultan of Oman Haitham bin Tariq and his accompanying delegation to Egypt.

During her participation, Dr. Hala El-Said reviewed the investment climate and opportunities in Egypt, stressing that the Egyptian state's efforts focus mainly on attracting investment and creating opportunities for investment partnerships that achieve the common interests of all parties, as Egypt is one of the promising destinations for private investment, whether domestic or foreign.

El-Said says the world is experiencing unprecedented economic and geopolitical challenges. These challenges shadow most global economic indicators.

El-Said referred to the implementation of the first phase of the national program for economic and social reform in November 2016, which included taking many reforms and incentive measures to create a business environment, and open the way for the private sector to participate in the implementation and management of infrastructure projects, and to contribute to the development of the economy, and the creation of decent and productive job opportunities.

She also highlighted the state's legislation and laws. In addition, she highlighted amendments to the law regulating private sector participation in infrastructure projects, services, and public utilities. These laws aim to simplify project-setting procedures and encourage the private sector and local and foreign investment.

El-Said said that the Egyptian state worked to prepare the infrastructure and improve its quality as one of the main axes of the state's efforts to stimulate the private sector, noting the implementation of many major projects, including the national road network project, development projects for the Suez Canal axis, which is a global logistical and industrial center, and energy sector projects.

Moreover, Dr. Hala El-Said also referred to the launch of the National Program for Structural Reforms. This program focuses on increasing the relative weight of agriculture, industry, communications, and information technology. Due to this, the Egyptian economy faces more challenges and is more resilient.

She explained that the program focuses on enhancing the efficiency and flexibility of the labor market through the expansion of technological and applied schools and universities. In addition, it establishes specialized sectoral councils to cooperate with the private sector in identifying and supporting the required skills.

El-Said reviewed the role of The Sovereign Fund of Egypt (TSFE) as one of the mechanisms to strengthen partnerships with the local and foreign private sectors.

She noted that it was an ideal partner for the private sector for several reasons. The fact that it has a unique law gives it flexibility in investing without being bound by government rules.

Moreover, it has the flexibility and freedom to execute various investments and exits optimally.

The fund also helps investors by facilitating government procedures and obtaining licenses.

It allows investment in state-owned assets by transferring them. It leads to unique investment products, including many exclusive opportunities, and is managed by specialized cadres with international experience in investment fields.

Referring to the "State Ownership Policy" document, which explains to investors the role of the state in various sectors as a regulator of economic activity according to market mechanisms, and how the state can exit activities in which the private sector will assume the largest role, in addition to activating the golden license contained in the investment law to ensure prompt dealing with investors and speed executing projects that are granted with one approval from the Cabinet to establish, operate and manage projects.

Regarding investment opportunities in Egypt, El-Said confirmed that the state focuses on attracting investment in several priority sectors, such as those that include technology transfer and localization in activities such as health, education, payments, and transportation, in addition to renewable and new energy projects, such as green hydrogen projects and green fuel in general.

About investment advantages in Egypt, El-Said indicated that Egypt has a large market of 104 million people and that 60% of this market is young people. Egypt is also a window to the African market (exceeding 1.3 billion people) and international markets, with a large number of free trade agreements between Egypt and the various countries of the world and regional blocs. In addition to the state's unprecedented infrastructure investments, the Egyptian economy also enjoys a diversified economy. This refers to the Suez Canal economic zone, which includes a significant volume of assets.

El-Said added that it is targeted during 2024/23 for green investments in the investment plan to reach 40%, pointing to the increase in the volume of agricultural exports as a result of the global crisis, stressing the importance of turning the grant into an ordeal, as well as an increase in the revenues of the Suez Canal and the tourism sector, which are all basics. It indicates the strength of the Egyptian economy.

For his part, Ayman Suleiman, Executive Director of TSFE, reviewed the fund's investment opportunities. He also reviewed the economic sectors in which it worked. He stressed that the fund works in sectors based on the Egyptian economy's future outlook and fast-growing sectors.

Among the possible investment opportunities is the abundance of opportunities to provide infrastructure. He explained that the fund's investment areas include facilities and infrastructure, financial services and digital transformation, tourism, real estate investment, antiquities development, education, and industry.