2024/06/29

El-Said: Egypt attracts 65 investments across 14 sectors in 3 years

Dr. Hala El-Said, Minister of Planning and Economic Development, announced on Saturday that Egypt has succeeded in attracting 65 investment opportunities in 14 sectors over the past three years.

This came during the Minister’s participation in the first dialogue session, “Reviewing the Economic Reform Agenda and the Investment Climate,” held within the Investment Conference between Egypt and the European Union. The conference, titled "Unleashing Egyptian Potential in a Rapidly Changing World," takes place on June 29 and 30 under the auspices of President Abdel Fattah El-Sisi in the presence of Ursula von der Leyen, President of the European Commission.

The dialogue session featured Dr. Rania Al-Mashat, Minister of International Cooperation, Valdis Dombrovskis, Executive Vice-President of the European Commission, Oliver Varhelyi, European Commissioner for Neighborhood and Enlargement, Anna Bieri, Director of Operations at the World Bank, and Karim Awad, CEO of EFG Hermes Holding Group. The session was moderated by presenter Osama Kamal.

During her speech, Dr. Hala El-Said explained that Egypt has undertaken various reform programs, recognizing that reform is an ongoing process. Since 2014, the country has been committed to a comprehensive structural reform program, implemented through a collaborative approach with participation from the government, the private sector, and civil society.

Addressing reforms and their impact on the private sector, particularly in light of the Egypt Sovereign Fund, Dr. Hala El-Said emphasized that all reforms have had a positive impact on the private sector's role. She highlighted the importance of evaluating any economic reform program within the context of regional and international circumstances, stressing that no local or international experience can be assessed in isolation from global and regional developments.

Dr. El-Said further noted that despite these challenges, Egypt has offered around 14 out of 32 companies in the past year and a half for either strategic investment or listing on the Egyptian Exchange. Additionally, 65 investment opportunities have been attracted across 14 sectors over the past three years.

Furthermore, the Golden License has been activated for approximately 29 projects to facilitate all procedures in dealing with various state institutions. This, she added, has been reflected in the private sector's share of total investment.

Dr. El-Said went on to explain that the state has actively invested in infrastructure improvements since 2016. This investment continued even during the COVID-19 pandemic (2019-2020) to support institutions and the broader economy. As a result of these efforts, the private sector's share of total investment has grown to 28%. The government aims to further increase this share to 40% by the end of this year, 50% by next year, and 65% by 2027.

Hala El-Said further emphasized the private sector's significant role. According to economic census data from the Central Agency for Public Mobilization and Statistics, private sector projects contribute 70% of Egypt's GDP. Additionally, the private sector serves as the main employer, with 80% of the workforce employed by private companies.

Dr. El-Said described the Egypt Sovereign Fund as an investment arm of the state that facilitates government-private sector partnerships.