Egypt sets plan to boost Egyptian American investment

Egypt's cabinet Wed, Mar. 6, 2019
CAIRO - 6 March 2019: Egypt's Prime Minister Mostafa Madbouly held a meeting with the country's fundamental ministers to set a plan for enhancing American investments in Egypt.

The meeting witnessed the presence of Minister of Military Production Mohamed al-Assar, Minister of Investment and International Cooperation Sahar Nasr, Minister of Trade and Industry Amr Nassar, Minister of Housing Assem al-gazzar, and Chairman of the Suez Canal Authority Mohab Mamish.

At the beginning of the meeting, Madbouly referred to the government’s keenness to hold several meetings in the upcoming period to set an action plan for boosting American investments in Egypt, especially the huge entities and companies. Such a step is taken within the framework of enlarging and varying sources of investments in the country.

“We are going to focus on signing contracts in the fields of health care, military production, Suez Canal investments and housing,” Madbouly stated.

Prime Minister Madbouly asserted the government’s readiness to take exceptional procedures to encourage the private sector, being a key partner in development, to engage in more investments.

Moreover, Madbouly also welcomed meeting with foreign investors to discuss issues of concern and listen for their perspectives and aspirations.

“We are going to knock all doors and display different options of investment; we will coordinate with all related ministries to facilitate all procedures,” Madbouly stressed.

Madbouly also affirmed the American companies’ keenness to invest in Egypt, revealing discussions with the American side to sign deals with one of the largest automobile manufacturers and coordinate with other multinational firms.

“We have to focus on companies that have been working in the Arab market and induce it to pump more investments in the Egyptian market as we have all the factors needed for success. Egypt enjoys promising chances,” Nasr said.

Furthermore, the minister of trade said that a set of American companies will be addressed to boost cooperation in different fields. Also, an action plan aiming at increasing the rate of investment flow will be set.

“Egypt offered a recycling project’s plan in two coastal cities to one of the American companies and we are still waiting for a response,” the minister of housing reported.

Mamish elaborated that Egypt’s plan to attract more investments includes different comprehensible axes, including offering exceptional facilitations, launching wide propaganda for Egyptian investments, and highlighting investment opportunities with the least tax rate.