President Abdel Fattah El-Sisi held a meeting today with Prime Minister Dr. Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry Eng. Kamel Al-Wazir, Minister of Finance Mr. Ahmed Kouchouk, and Minister of Investment and Foreign Trade Eng. Hassan El-Khatib. The purpose of the meeting was to discuss the government’s efforts to improve the business climate in Egypt and attract more domestic and foreign investments.
During the meeting, the officials discussed the challenges faced by investors in Egypt, including procedural burdens. A proposed plan to ease these burdens was presented, which included unifying collection entities and launching a platform for economic entities. President El-Sisi gave directives to replace the current fees charged by various entities and authorities with a unified additional tax on net profits. The President emphasized the importance of creating a competitive investment environment that offers tangible and rapid improvements in business operations through simplifying procedures and reducing financial burdens.
Efforts to reduce customs clearance times were also discussed, with a target to lower the average clearance period from eight to six days. Customs services will now be available during official holidays and Fridays, with the option to pay fees after regular banking hours. The meeting also addressed the new export support program aimed at boosting national industry and increasing Egyptian exports to global markets. The President highlighted the need to align the program’s components with the state’s targets for increasing exports by 2030.
Furthermore, the meeting reviewed the efforts of The Sovereign Fund of Egypt (TSFE) to maximize returns from state-owned assets and implement the Initial Public Offering (IPO) program to forge partnerships with the private sector. President El-Sisi stressed the importance of granting the private sector a central role in driving economic growth and increasing exports by encouraging national investment in production and export, and providing necessary services to exporters.
In conclusion, the government is committed to creating a more investor-friendly environment in Egypt by streamlining procedures, reducing financial burdens, and maximizing returns on state assets through partnerships with the private sector. President El-Sisi’s directives underscore the importance of driving economic growth and increasing exports through national investment and export promotion initiatives.
This post was distributed by APO Group on behalf of the Presidency of the Arab Republic of Egypt.
