Egypt’s Planning Minister Highlights Strategic Partnerships at Egypt-EU Investment Conference
30 June 2024
H.E.Dr. Hala El-Said, Minister of Planning and Economic Development, had a busy agenda today during her participation in the Egypt-European Union Investment Conference held on June 29 and 30 under the theme "Unleashing Egyptian Potentials in a Rapidly Changing World." The event took place under the auspices of and in the presence of H.E. President Abdel Fattah El-Sisi, President of the Republic, with the attendance of Ursula von der Leyen, President of the European Commission, and Dr. Mostafa Madbouly, Prime Minister.
Dr. Hala El-Said met with Gelsomina Vigliotti, Vice President of the European Investment Bank, in the presence of Dr. Ahmed Kamali, Deputy Minister, and Wael Ziyada, Assistant Minister for Economic and Investment Affairs. Dr. El-Said emphasized the significance of the meeting, which focused on promising avenues for cooperation with the bank, reflecting the strengthening of Egyptian-European relations and enhancing close collaboration and mutual understanding.
El-Said discussed the ministry's role in economic planning and development, along with its affiliated bodies, and reaffirmed the Egyptian government's commitment to the structural reform program launched in April 2021. She highlighted efforts to create a favorable business environment through initiatives such as the State Ownership Policy Document, the Golden License, the Competitive Neutrality Strategy, Green Incentives, and more.
El-Said also emphasized the role of the Egyptian Sovereign Fund as a strategic partner for the private sector in various fields. Gelsomina Vigliotti, in turn, discussed investment opportunities in Egypt and the facilities offered by the European Investment Bank, focusing on the bank's efforts to develop its private investments in Egypt in the near future, with a particular interest in small and medium enterprises.
Dr. Hala El-Said also met with Rida Baqer, Global President of Sovereign Advisory Services at Alvarez & Marsal, and Abdullah Al-Ibiari, Managing Director of Sovereign Investment Services at the company, along with Wael Ziyada. The discussions centered on frameworks for cooperation in restructuring companies acquired by the Egyptian Sovereign Fund, as well as companies up for sale.
El-Said elaborated on the Egyptian Sovereign Fund as a state investment arm aimed at attracting the private sector by exploring various investment opportunities and converting them into investment products. She emphasized that the fund acts as a partnership mechanism between the government and the private sector, as well as a means to diversify funding sources. The fund’s objectives include creating wealth for future generations by maximizing the value of state-owned assets and attracting both local and foreign investors, as well as investing in key sectors like manufacturing and technology to increase local content.
The minister's agenda also included a meeting with representatives from VESTAS, led by Jose Luis Jimeno, Senior Vice President for the Mediterranean, Africa, and Middle East region, and Pedro Huerta Mendicua, Vice President and Head of Public Affairs, with Wael Ziyada in attendance. The meeting discussed the company's potential investments in Egypt in the manufacturing of wind turbine parts, with representatives expressing their interest in entering the Egyptian market and establishing a commercially viable factory.
Additionally, Dr. Hala El-Said met with representatives from the Green Hydrogen Organization, led by Jonas Moberg, CEO, and Joseph Williams, Director of Strategy and Communications, to explore areas of cooperation. The organization is a leader in expanding clean technologies for carbon removal and a founding member of the African Hydrogen Alliance. The meeting was attended by Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, and Wael Ziyada.
During the meeting, El-Said emphasized Egypt's strong political commitment to green transformation by leveraging its natural resources to increase renewable energy production. Egypt aims to become a leader in the low-carbon hydrogen sector and a regional hub for producing and exporting green hydrogen and its derivatives, capitalizing on its renewable energy potential.
The meeting also discussed the importance of producing green hydrogen and green ammonia for large-scale green fertilizer production, as well as the significance of standardization and its relation to industry regulation in the country.