Friday 22 Nov
Egypt expressed its keenness to forge additional partnerships and investments with Saudi Arabia, particularly in the private sector. This desire aligns with the growing strength of bilateral relations, bolstered by the unwavering support of the leaders of both countries.
This statement was made during a
meeting between Dr. Rania Al-Mashat, Minister of Planning, Economic Development
and International Cooperation and Engineer Khalid Al-Falih, Saudi Minister of
Investment, and his accompanying delegation including Saleh Al-Hussaini, the
Saudi Ambassador to Egypt, Sarah Al-Sayed, Vice President of the Investment
Marketing Authority, and Muhammad Al-Sahib, Sarah Al-Sayed (Vice President of
the Investment Marketing Authority), Muhammad Al-Sahib (Undersecretary for
Investment Sector Development), and other officials.
The meeting focused on enhancing
bilateral relations and solidifying partnerships, particularly in investment
priority sectors. Egypt emphasized the pivotal role of private sector
investments in its current development strategy.
El-Mashat emphasized the breadth
of Saudi investments across Egypt's key sectors, highlighting the presence of
hundreds of Saudi companies. She expressed the government's eagerness to foster
additional private sector partnerships and investments, underpinned by the
strong and growing bilateral relationship between the two nations.
She emphasized the Egyptian
government's commitment to fostering a robust investment climate that welcomes
both domestic and foreign private enterprises. By empowering the private
sector, Egypt aims to stimulate sustainable growth across various industries
and create new job opportunities.
She emphasized the government's
commitment to building a competitive economy that attracts investment. By
focusing on improving financial and economic performance and diversifying the
economy, Egypt is creating a promising investment landscape for both domestic
and foreign investors.
She added that the new government
prioritizes human development and industrial localization. This includes
increasing investments in human capital, boosting production, and enhancing the
competitiveness of local products in global markets.
The Minister highlighted the
ministry’s collaboration with international partners to support structural reforms
through budget support. This strategy aims to enhance the business environment
and stimulate increased private sector investment.
She explained that the merger of the Planning, Economic Development, and International Cooperation Ministries has strengthened macroeconomic stability by optimizing investment spending and maximizing economic and social returns. The ministry is implementing an investment spending governance framework to create opportunities for both domestic and foreign private sector involvement.
