Egypt: President El-Sisi Meets Prime Minister, Minister of Transport & Industry, and Minister of Investment

Today, President Abdel Fattah El-Sisi met 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 Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the meeting reviewed the government’s efforts to improve the business climate and attract more domestic and foreign investments. In this context, the status of procedural burdens on investors were presented, along with a proposed plan to ease these burdens, such as unifying collection entities and launching a platform for economic entities.

President El-Sisi gave directives for the replacement of the fees currently charged by various entities and authorities with a unified additional tax on net profits. The President emphasized the need to create a more competitive investment environment where investors experience tangible and rapid improvements in business operations in Egypt, through simplifying procedures and reducing financial burdens.

The meeting also touched on efforts to reduce customs clearance times, with a target to lower the average clearance period from eight to six days. This is while continuing customs services during official holidays and Fridays, and enabling the payment of fees after regular banking hours. The meeting also addressed the components of the new export support program, which aims to boost national industry and increase Egyptian exports to global markets. The President stressed the importance of aligning the program’s components with the state’s targets for increasing exports through 2030.

Additionally, the meeting reviewed the efforts of The Sovereign Fund of Egypt (TSFE) to maximize returns from state-owned assets, as well as the main efforts within the framework of implementing the Initial Public Offering (IPO) program, in line with the outcomes of the State Ownership Policy Document. This is in order to maximize the returns on state assets by forging strong partnerships with the private sector.

The President underlined the necessity of granting the private sector a central role in driving economic growth and increasing exports, by encouraging national investment in production and export, and by providing the necessary services to exporters.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.