Al Mashat participates in Egyptian-Swedish Business Forum
Basant Ahmed
Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the Egyptian-Swedish Business Forum, held at the General Authority for Investment.
The forum was attended by H.E. Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade; H.E. Mr. Benjamin Dosa, Sweden's Minister for Foreign Trade and International Development Cooperation; Mr. Dag Juhlin-Dannfelt, Ambassador of Sweden to Egypt; Ms. Maria Håkansson, CEO of the Swedish Development Finance Institution "Swedfund"; and a number of major Swedish companies investing in Egypt, including IKEA, Ericsson, and Electrolux, among others.
During her speech, H.E. Dr. Rania Al-Mashat emphasized that the Egyptian-Swedish Business Forum represents a gathering that reflects the strength of the economic partnership between Egypt and Sweden, two nations that share a vision for progress driven by innovation, investment, and cooperation.
H.E. noted that the first Egyptian-Swedish Business Forum contributed to enhancing dialogue, strengthening trade relations, and led to actionable insights on how to deepen cooperation. Among the key outcomes was a shared ambition to enhance financial mechanisms, support business expansion, and leverage expertise in technology and sustainability. The success of that forum laid the foundation for today's discussions, allowing for building upon mutual achievements.
H.E. Dr. Al-Mashat affirmed that the presence of Swedish companies operating in Egypt plays a crucial role in driving innovation, creating job opportunities, and promoting industrial efficiency. This also reflects Egypt's centrality as a regional and international hub in trade and logistics, encompassing everything from infrastructure and digital solutions to financial tools that empower entrepreneurs and companies alike.
H.E. Minister Al-Mashat pointed out that the forum represents an opportunity to further integrate Swedish expertise with Egyptian ambition, ensuring the continued achievement of shared goals.
H.E. Dr. Al-Mashat highlighted the strong Egyptian-European relations, both at the country and European financial institution levels, which support sustainable development efforts in Egypt and empower the private sector.
She mentioned that next June will witness the launch of the investment guarantee mechanism, which was announced during the Egyptian-EU Summit. This mechanism provides guarantees worth 1.8 billion Euros to attract private capital and mobilize impactful investments across vital sectors such as energy, infrastructure, digitalization, water, agriculture, and climate resilience.
These guarantees will also play a pivotal role in mobilizing additional financing from European and international development banks, enhancing Egypt's investment landscape, and creating new opportunities for the private sector, including Swiss companies.
H.E. Dr. Al-Mashat touched on the ambitious measures implemented by the government since March 2024 to enhance macroeconomic stability and improve the business environment, aimed at driving growth, employment, and solidifying the economy's resilience. This was reflected in the shift in the quality of economic growth, now based on non-petroleum manufacturing industries, as well as an increase in private sector investments compared to a contraction in public investments.
H.E. Minister Al-Mashat also stressed the importance of fostering Foreign Direct Investment (FDI) from Swedish companies in Egypt, as well as strengthening technical support within the framework of the national platform for the "NWFE" program.
She also highlighted Egypt's endeavors in the Carbon Border Adjustment Mechanism (CBAM) to boost the competitiveness of Egyptian exports while adapting to the green transition and reducing greenhouse gas emissions.
H.E. Dr. Al-Mashat reiterated that the forum provides a unique opportunity to build lasting partnerships, explore untapped potential, and align economic visions for a better tomorrow. She confirmed the Ministry of Planning, Economic Development and International Cooperation commitment to maximizing the benefit from development cooperation mechanisms with the Swedish side to drive economic development.
read more
Gold prices rise, 21 Karat at EGP 3685
NATO's Role in Israeli-Palestinian Conflict
US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria
Shoukry Meets Director-General of FAO
Lavrov: confrontation bet. nuclear powers must be avoided
News
Iran Summons French Ambassador over Foreign Minister Remarks
News
Aboul Gheit Condemns Israeli Escalation in West Bank
News
Greek PM: Athens Plays Key Role in Improving Energy Security in Region
News
One Person Injured in Explosion at Ukrainian Embassy in Madrid
News
Egypt confirms denial of airspace access to US B-52 bombers
News
Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia
News
Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content
Arts & Culture
Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
38 minutes ago
- Daily News Egypt
Al-Sisi reviews unified investment strategy to boost FDI, industrial growth
Egypt's President Abdel Fattah Al-Sisi convened a high-level meeting on Sunday to review progress on Egypt's unified national investment strategy, which aims to enhance the country's economic competitiveness and attract increased foreign direct investment (FDI). According to a presidential statement, the meeting was attended by Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Industry and Transport Kamel Al-Wazir, Minister of Planning and Economic Development Rania Al-Mashat, Finance Minister Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan El-Khatib. The president was briefed on ongoing measures to streamline investment procedures, including the development of a one-stop digital platform for licensing, the reduction of non-tax burdens on investors, and broader structural reforms. The strategy emphasizes transparent and stable policy frameworks, investor-friendly fiscal incentives, open trade policies, and reliable energy access for industrial operations. President Al-Sisi emphasized the need to sustain momentum in enhancing the investment climate and reaffirmed Egypt's ambition to become a regional hub for FDI in line with national development goals. The meeting also included an update on the activities of The Sovereign Fund of Egypt, particularly efforts to unlock value from state-owned assets and strengthen public-private partnerships. The president instructed officials to pursue innovative strategies for maximizing returns on national assets. Officials reviewed trends in Egypt's non-oil exports from 2003 to 2024 and discussed strategies to diversify export markets and improve the global competitiveness of Egyptian products. Infrastructure projects supporting export growth were also examined. Further discussions addressed Egypt's strategic goal of becoming a global logistics and transit trade hub. Updates were provided on a planned dry bulk terminal at Abu Qir Port and a proposed logistics station for iron and billet handling in the Adabiya area—initiatives aimed at supporting the growth of Egypt's iron and steel sector. The meeting also reviewed progress in reforming and enhancing the performance of key economic authorities, as well as the broader national structural reform agenda. Officials briefed the president on ongoing cooperation with the European Union under the macro-financial assistance agreement, designed to support Egypt's public finances. Finally, the president reviewed a draft of the country's forthcoming 'National Economic Development Narrative'—a strategic framework centered on enabling private sector-led growth, strengthening industry and exports, and implementing reforms to stabilize Egypt's macroeconomic and fiscal outlook. Al-Sisi called for the swift finalization of the strategy, highlighting its importance in charting Egypt's future development path and attracting global investment.
Mid East Info
3 hours ago
- Mid East Info
Policy Shortcomings Puts SAF Production at Risk - Middle East Business News and Information
The International Air Transport Association (IATA) announced that it expects Sustainable Aviation Fuel (SAF) production to reach 2 million tonnes (Mt) (2.5 billion liters) or 0.7% of airlines' total fuel consumption in 2025. 'While it is encouraging that SAF production is expected to double to 2 million tonnes in 2025, that is just 0.7% of aviation's total fuel needs. And even that relatively small amount will add $4.4 billion globally to the fuel bill. The pace of progress in ramping up production and gaining efficiencies to reduce costs must accelerate,' said Willie Walsh, IATA's Director General. The Problem with the Use of Mandates: Most SAF is now heading toward Europe, where the EU and UK mandates kicked in on 1 January 2025. Unacceptably, the cost of SAF to airlines has now doubled in Europe because of compliance fees that SAF producers or suppliers are charging. For the expected one million tonnes of SAF that will be purchased to meet the European mandates in 2025, the expected cost at current market prices is $1.2 billion. Compliance fees are estimated to add an additional $1.7 billion on top of market prices—an amount that could have abated an additional 3.5 million tonnes of carbon emissions. Instead of promoting the use of SAF, Europe's SAF mandates have made SAF five times more costly than conventional jet fuel. 'This highlights the problem with the implementation of mandates before there are sufficient market conditions and before safeguards are in place against unreasonable market practices that raise the cost of decarbonization. Raising the cost of the energy transition that is already estimated to be a staggering $4.7 trillion should not be the aim or the result of decarbonization policies. Europe needs to realize that its approach is not working and find another way,' said Walsh. IATA's Role in Supporting the Development of a Global SAF Market To support the development of a global SAF market, IATA has worked on two initiatives: A SAF registry managed by the Civil Aviation Decarbonization Organization (CADO) that brings a transparent and standardized system for tracking SAF purchases, usage and associated emissions reductions in compliance with international regulations such as Carbon Offsetting Scheme for International Aviation (CORSIA) and the EU Emissions Trading Scheme. The SAF Matchmaker that will facilitate SAF procurement by matching airline requests for SAF with supply offers. Urgent Action by Governments Is Needed IATA urges governments to focus on three areas: Creating more effective policies. Eliminating the disadvantage that renewable energy producers face compared with big oil is necessary to scale renewable energy production in general and SAF production in particular. This includes redirecting a portion of the $1 trillion in subsidies that governments globally grant for fossil fuel. Develop a comprehensive approach to energy policy that includes SAF. Firstly, advancing SAF production requires an increase in renewable energy production from which SAF is derived. Secondly, it also requires policies to ensure SAF is allocated an appropriate portion of renewable energy production. A wholistic approach should support joint use of infrastructure, co-production and other measures that will benefit the energy transition for aviation and for all other economic sectors. Ensure the success of CORSIA as the sole market-based mechanism to address international aviation's CO2 emissions. IATA urges governments to make Eligible Emissions Units (EEUs) available to airlines. To date Guyana is the only state to have made their carbon credits available for airlines to purchase and claim against their CORSIA obligations. Focus on India: India, one of the emerging economies on the world stage today, is the third-largest oil user after the US and China. India launched the Global Biofuels Alliance to position biofuels as a key to energy transition and economic growth. This includes a target for 2% SAF blending for international flights by 2028 with enabling policies such as guaranteed pricing, capital support for new projects, and technical standards. IATA will be working with the Indian Sugar & Bio-Energy Manufacturers Association (ISMA) and Praj Industries Limited, to provide guidance on global best practices for life cycle assessment of the use of feedstocks in the country. As the third-largest global civil aviation market, India can strengthen its leadership in biofuels with the accelerated adoption of SAF through progressive policies.
Daily News Egypt
4 hours ago
- Daily News Egypt
Suez 1.1 GW wind project, part of NWFE programme, wins two regional awards
The Suez 1.1 GW Wind Power Plant Project, part of Egypt's 'NWFE' (Nexus of Water, Food, and Energy) programme, has received two regional awards for 'Best Infrastructure Deal' and 'Best Energy Deal,' the Ministry of Planning, Economic Development and International Cooperation announced. The project, implemented by a consortium of local and foreign private sector entities, secured the 'Deal of the Year' award in the infrastructure sector from African Banker magazine. Financing for the project was contributed by a consortium of international and regional financial institutions, including the African Development Bank, the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), DEG (a subsidiary of KfW), and the Arab Petroleum Investments Corporation (APICORP). The project also received the 'Best Energy Deal in Egypt and Africa' award from EMEA Finance. This recognition was within the framework of a platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300m in financing for the project. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stated that energy projects within the 'NWFE' programme 'embody the strength of partnership between the government, private sector, and international institutions to drive development efforts and green transition.' Al-Mashat emphasised that the 'NWFE' programme country platform, particularly its energy pillar, has become a model for partnership between international financial institutions and the local and foreign private sector. This partnership aims to provide the necessary financing and investments to support Egypt's efforts in renewable energy, contributing to the implementation of the national sustainable energy strategy and nationally determined contributions. The Minister pointed out that structural and regulatory reforms implemented by the government since 2014 have facilitated significant private sector entry into the renewable energy field. This, she noted, has encouraged international financial institutions to inject investments and development financing into these projects. Egypt aims to achieve 42% renewable energy in its generated power mix by 2030. 'We continue to coordinate with the European Bank and other partners to add 10 GW of renewable energy through the program's projects,' Al-Mashat added. She further detailed that the energy pillar of the 'NWFE' programme has achieved tangible results since its launch in November 2022 at COP27. Agreements have been signed to initiate renewable energy projects with a capacity of 4.2 GW with private sector companies, and development financing of approximately $4bn has been mobilised for these projects. Al-Mashat explained that efforts are ongoing in coordination with the EBRD to achieve the programme's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10bn, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments. These efforts all aim to support the national strategy. The Suez wind project is described as the largest of its kind in Egypt and one of the largest projects on the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. The project is also anticipated to reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement.
