Egypt firmly opens its gates to Saudi Arabia.

Egyptian Finance Minister Mohamed Maait confirmed that Egypt is resolutely opening its doors to Arab and foreign investors, showing the political will to invest and a favorable business environment.

He explained that the Egyptian economy has become more attractive due to promising opportunities for the private sector in various areas, as the Public Ownership Policy Paper paves the way for the strongest start for private investment and increased private sector contribution to the economy. activities to become the driving force of development and growth, to provide productive employment opportunities, while preparing the “Golden License” is one of the measures taken by the government to promote the business community, and it is provided to new projects in a way that guarantees the start of accelerated production activities, and the investor receives it in just 20 days, indicating that 32 state-owned companies will be offered to strategic investors or by public subscription on the exchange, within one year until the end of the first quarter of 2024.

At a meeting with Saudi investors in Riyadh, the minister added: “We aim to bring net foreign direct flows to $10 billion in the current fiscal year, compared to $8.6 billion in the last fiscal year, in a way that will help turn Egypt into a more stimulating center of production and export to Europe and Africa, especially since we have an advanced infrastructure capable of meeting all the needs of manufacturing activities, in addition to many tax and customs benefits and other preferential benefits, explaining that we aim to achieve exports of 100 billion dollars in the medium term, working to expand the export base and increase the competitiveness of Egyptian goods in world markets.

The minister indicated that Egypt intends to convert 50% of public investment into green projects in the next financial year, and Egypt has signed a number of partnership agreements with financial institutions and international development partners under the Novi program. expand investment in energy, water and food, in addition to the $83 billion memorandums of understanding on green energy projects in the Suez Canal Economic Zone, in addition to the signing of 9 framework agreements to develop projects and facilities for the production of ammonia and green hydrogen. .

For his part, Chairman of the Egyptian-Saudi Business Council Bandar bin Muhammad Al-Amiri confirmed that Saudi investors have a desire to increase their investment in Egypt in the coming period in light of the promising investment opportunities in Egypt in many areas, citing the ongoing negotiations on reaching an agreement on the prevention of double taxation and the protection of private investments between the two countries, which would make it possible to achieve a qualitative leap in the flow of joint investments.

Source: RT