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Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Over 1,800 US companies operate in Egypt with $47bn invested over two decades: Madbouly
Egyptian Prime Minister Mostafa Madbouly addressed on Sunday the opening session of the US–Egypt Policy Leaders Forum 2025, underlining the strength of bilateral economic relations and reaffirming Egypt's commitment to private sector-led growth. Madbouly began by expressing his pleasure in participating in this 'unique and important' forum, thanking the American Chamber of Commerce in Egypt and the United States for organizing the event. He extended a special welcome to Suzanne Clark, President and CEO of the US Chamber of Commerce, and John Christmann, CEO of Apache Corporation and Chairman of the US–Egypt Business Council, commending their leadership and efforts in bringing together top American business leaders. He also welcomed all representatives of the American business community, noting that many US companies continue to thrive in Egypt. 'Today, more than 1,800 American companies operate in Egypt, with total US investments exceeding $47bn over the past two decades,' Madbouly stated. He emphasized that these companies are active across vital sectors—including energy, industry, information technology, financial services, and healthcare—reflecting the depth and resilience of economic ties between the two countries. The Prime Minister underscored Egypt's consistent role as a reliable and engaged partner for the United States, particularly in the face of escalating regional challenges. He called for even stronger cooperation, noting that such partnerships are critical to addressing the complex political and security landscape of the Middle East. Madbouly emphasized that the forum illustrates Egypt's commitment to empowering the private sector as a central pillar of its economic transformation strategy. This vision seeks to foster a competitive, open, and innovation-driven economy capable of generating jobs and ensuring long-term sustainable growth. A key milestone in this strategy, he noted, is the implementation of the State Ownership Policy Document, which outlines sectors from which the state will reduce or exit its involvement. This policy sends a clear signal to investors regarding the government's shift toward enabling private enterprise. He highlighted the expansion of public-private partnerships (PPPs) in key areas such as transportation, renewable energy, education, and water infrastructure—sectors where the private sector now plays a leading role in executing strategic national projects. To support investment, Madbouly pointed to reforms like the launch of the 'Golden License' platform, which enables investors to establish and operate projects with a single Cabinet-issued approval. He added that Egypt has committed to financial and monetary reforms, the digitalization of government services, and the modernization of legal and regulatory frameworks—steps that have enhanced transparency, reduced bureaucracy, and improved the overall investment climate. Madbouly urged American business leaders to explore Egypt's abundant investment opportunities, noting that Egypt is not only a large domestic market of over 107 million people but also a strategic gateway to Africa, the Middle East, and beyond. Through a vast network of trade agreements, Egypt offers access to more than 1.5 billion consumers. At the heart of Egypt's economic transformation, the Prime Minister said, lies the development of its most valuable asset: its people. He highlighted the country's young, skilled, and innovative workforce as a driving force for growth and emphasized government investments in education, healthcare, and vocational training to prepare the population for future industries. He also pointed to digitalization and financial inclusion as key pillars of Egypt's modernization. Through the Digital Egypt Strategy, the country aims to become a regional leader in digital innovation by integrating advanced technologies—including artificial intelligence, blockchain, the Internet of Things (IoT), and big data—into its economic sectors. 'These reforms are just a glimpse of the unprecedented transformation taking place under the leadership of President Abdel Fattah Al-Sisi,' Madbouly said, 'one that is paving the way for a brighter, opportunity-rich future.' Before concluding his remarks, Madbouly made two significant announcements relevant to the American business community: Automotive Sector Reform He revealed that, following extensive discussions with US stakeholders, Egypt had taken steps to ease restrictions on importing fully US-origin vehicles. On May 11, 2025, Decree No. 112 was issued by the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, canceling the requirement to comply with mandatory Egyptian standards listed in Catalogue No. 44 for engineering goods and products. This regulatory reform opens the Egyptian market to American vehicles without barriers, and the World Trade Organization (WTO) has been officially notified. Halal Certification for Dairy Products Madbouly also announced a permanent exemption for dairy products and derivatives from the requirement to obtain a halal certificate upon import. The exemption, officially notified to the WTO on March 12, 2025, under the Agreement on Technical Barriers to Trade, is a major step in boosting US–Egypt trade. Egypt's Ministry of Agriculture is also working to expand and diversify the entities authorized to issue halal certificates and is reviewing the fees associated with conformity assessments for goods requiring certification. Finally, the Prime Minister revealed that Egypt and the United States are in the final stages of concluding a mutual cooperation agreement between their respective customs administrations—a development that promises to further streamline bilateral trade and enhance regulatory coordination.
Egypt Today
25-05-2025
- Business
- Egypt Today
Egypt, U.S. Mark $47B Investment over past 20 years: Prime Minister
CAIRO – 25 May 2025: During the opening session of the 2025 U.S.-Egypt Policy Leaders Forum, Prime Minister Mostafa Madbouly announced that more than 1,800 American companies are currently operating in Egypt, with cumulative U.S. investments surpassing $47 billion over the past 20 years. He praised the American Chamber of Commerce in both Egypt and the U.S. for organizing the forum, calling it a vital platform to strengthen strategic dialogue and mutual cooperation. In his address, Prime Minister Madbouly underscored the deep-rooted economic partnership between Egypt and the United States, built on mutual respect, shared prosperity goals, and decades of constructive engagement. He emphasized that the forum reflects Egypt's unwavering commitment to the private sector, which is central to the country's long-term development vision. He highlighted the government's implementation of the State Ownership Policy Document, which clearly defines sectors where the state plans to reduce or withdraw its role—sending a confident signal to both domestic and international investors. This marks a decisive step toward redefining the government's role in the economy and creating more space for private enterprise. Madbouly also pointed to the growing use of Public-Private Partnerships (PPPs) across essential sectors including transportation, renewable energy, education, and water infrastructure, enabling the private sector to help shape Egypt's strategic assets. To facilitate investment further, the "Golden License" initiative was introduced, offering a one-stop approval process by the Cabinet to streamline project setup and reduce red tape. Reflecting on Egypt's development achievements over the last decade, the Prime Minister cited multibillion-dollar infrastructure investments that have transformed the nation's economic landscape. These include massive upgrades to road and rail networks, the modernization of ports and airports, expanded energy capacities, and the development of new logistics and industrial zones. He also spotlighted flagship national projects such as the expansion of the Suez Canal, the creation of 24 new cities, and the launch of the New Administrative Capital, which together lay the groundwork for a forward-looking economy centered on balanced regional growth, economic diversification, and increased global investment.
Egypt Today
20-05-2025
- Automotive
- Egypt Today
Egypt Accelerates Automotive Manufacturing with Inauguration of Sumitomo's Mega Factory
Prime Minister Mostafa Madbouly has officially inaugurated the new 'SI Wiring Systems Egypt' plant, a subsidiary of Sumitomo Electric Systems Europe, in 10th of Ramadan City. With an investment of €22 million, the factory spans 150,000 square meters and is poised to create approximately 3,000 direct jobs. Describing the facility as one of the largest of its kind globally, Madbouly emphasized its strategic importance in producing electrical wiring harnesses for vehicles. The factory currently exports more than €300 million worth of products annually and employs over 12,000 Egyptians across its operations. Madbouly noted that Egypt is rapidly positioning itself as a global hub for automotive component manufacturing, supplying major car manufacturers worldwide. He also highlighted that the factory was granted the Golden License in September 2023, broke ground in December, and achieved full operational status by the end of 2024—an impressive timeline made possible by streamlined procedures and strong investor collaboration. The facility includes a specialized training center to equip young Egyptians with the skills needed for this precision-driven industry. Notably, women make up over 40% of the workforce, underscoring the factory's inclusive employment approach. Praising Sumitomo's commitment and efficiency, Madbouly pointed to this project as a benchmark for future industrial partnerships, adding that similar fast-track initiatives are underway with other international firms to bolster Egypt's industrial output and exports.
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Huhtamaki Egypt to invest EGP 1.47bn in sustainable packaging plant in Sadat City
Huhtamaki Egypt has secured the prestigious Golden License from the Egyptian Cabinet to establish a state-of-the-art molded fiber packaging facility in Sadat City, located within the CPC Industrial Zone of Menofeya. With a total investment of EGP 1.47bn, the project represents one of the Finnish packaging leader's most significant commitments in the region. Spanning approximately 22,000 square meters, the facility will be developed using recycled wastepaper and equipped with advanced molded fiber technology to produce eco-friendly packaging solutions such as egg cartons, fruit trays, and cup carriers. The plant is expected to begin operations in August 2026 and will create over 61 direct jobs, serving both domestic and international markets. This project marks a major milestone in the long-term strategic partnership between Huhtamaki Oyj and Ayman Korra, a key figure in the project's structure and CEO of Korra for Energy & Investment Projects—one of Egypt's leading industrial firms. 'The awarding of the Golden License to this Huhtamaki initiative reflects the state's strong support for committed investors,' said Ayman Korra. 'It also affirms Korra's strategy of attracting global investment and localizing advanced technologies within the Egyptian market.' The Golden License, introduced by the Egyptian government to fast-track projects of national importance, provides a comprehensive approval framework for establishment, construction, operation, and licensing. It also offers a range of administrative and investment incentives to streamline project execution. Huhtamaki Egypt is now among fewer than 50 projects to have been granted the Golden License since the programme's inception in 2017—out of more than 300 applicants. This distinction underscores the strategic importance and transformative potential of the project. As Egypt strengthens its position as an investment hub, this development highlights the power of aligning global innovation with local vision—reinforcing Huhtamaki's role as a regional leader in sustainable packaging and supporting the broader national agenda for green industrial growth.
Zawya
25-04-2025
- Business
- Zawya
Shaikha Al-Bahar participates in the Egyptian-Kuwaiti cooperation council delegation in Cairo
Ms. Shaikha Al-Bahar, Deputy Group CEO of the National Bank of Kuwait, participated in the Egyptian-Kuwaiti Cooperation Council's visit to Cairo, aimed at exploring avenues to strengthen bilateral cooperation and unlock new opportunities across various sectors. The Kuwaiti delegation, headed by Mr. Mohammed Al-Sager Head of the Egyptian-Kuwaiti Cooperation Council—comprised senior representatives from prominent Kuwaiti banks and corporations. The delegation was received by His Excellency President Abdel Fattah El-Sisi at the Presidential Palace in Cairo, where he extended an invitation to Kuwaiti investors to explore the wealth of opportunities available in Egypt. He emphasized the incentives and facilities provided by the Egyptian government, encouraging the development of industrial cooperation through the establishment of strategic partnerships between Egyptian and Kuwaiti companies. El-Sisi underscored the immense potential of the Egyptian market, emphasizing its expansive scale, robust growth prospects, and significant demand across diverse sectors. He highlighted the substantial opportunities available for investors, particularly in high-value industries, where they stand to reap considerable returns. The delegation also held a meeting with Egyptian Prime Minister Dr. Mostafa Madbouly at the Government Headquarters in the New Administrative Capital. The meeting was attended by Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade; Ambassador Ghanem Saqr Al-Ghanem, Kuwait's Ambassador to Egypt; and Ambassador Osama Shaltout, Egypt's Ambassador to Kuwait. During the meeting, Prime Minister Madbouly invited Kuwaiti investors to tap into the wide array of investment opportunities available in Egypt, affirming the government's willingness to grant the 'Golden License' to projects mutually agreed upon by both sides streamlining procedures and reinforcing Egypt's commitment to facilitating foreign investment. Madbouly expressed his keen interest in seeing the Kuwaiti side explore the diverse investment prospects Egypt has to offer across a range of sectors. He emphasized Egypt's openness to forging various forms of partnerships with Kuwaiti investors, underscoring the country's commitment to fostering mutually beneficial collaboration that serves the shared interests of both nations. He outlined several promising investment opportunities within the Egyptian market, particularly in key sectors including food security, oil and petrochemicals, logistics, tourism, and hospitality. The Egyptian Prime Minister also reaffirmed the freedom to transfer foreign funds abroad, noting that the economic reforms implemented by the Egyptian government since March 2024 most notably the adoption of a flexible exchange rate policy have significantly bolstered the country's foreign currency reserves. The delegation also held discussions with Egyptian Foreign Minister Dr. Badr Abdelatty, who expressed pride in the longstanding and historic ties between Egypt and Kuwait. He provided an overview of the recent economic reforms and national projects undertaken by Egypt, highlighting efforts to enhance the investment climate and strengthen the role of the private sector across various industries. Furthermore, the Kuwaiti delegation engaged in a meeting with Egyptian Minister of the Public Business Sector, Eng. Mohamed Shemy, alongside Mohamed Jubran, Minister of Labor, to explore avenues for strengthening bilateral cooperation across business, economic, and commercial sectors. The discussions also focused on the investment opportunities available for Kuwaiti investors in the Egyptian market. Additionally, the delegation participated in the Egyptian-Kuwaiti Investment and Business Forum, attended by a range of ministers and senior officials. The forum, which aimed to bolster economic and investment ties between Kuwait and Egypt, facilitated discussions on enhancing collaboration across various business, economic, and commercial sectors.
