Latest news with #HassanEl-Khatib
Daily News Egypt
26-05-2025
- Business
- Daily News Egypt
Egypt completes first comprehensive review of non-tax fees to reduce investor burdens, increase transparency
Minister of Investment Hassan El-Khatib announced a major milestone in Egypt's ongoing economic reform agenda: the completion of the country's first comprehensive inventory of non-tax fees and financial obligations imposed on investors. Speaking at the US–Egypt Policy Leaders Forum 2025 on Sunday, he described the initiative as a key step toward easing business costs, promoting transparency, and fostering a more supportive investment environment. El-Khatib emphasized that the forum serves as an essential platform to strengthen economic ties between Egypt and the United States and to build new bridges of cooperation in a rapidly evolving global landscape. He highlighted the transformation Egypt has undergone over the past decade, particularly in infrastructure development. The establishment of new cities, expanded road networks, upgraded ports and airports, and ambitious energy projects have all contributed to a more competitive and attractive landscape for both local and foreign investment. He noted that the government's focus on clear and stable macroeconomic policies is central to its strategy to attract investment. A comprehensive package of fiscal, monetary, and trade reforms is currently being implemented with the dual goal of enhancing transparency and driving economic growth. Among the most significant of these efforts is the newly completed inventory of non-tax fees, which aims to clarify financial obligations, enhance governance, and reduce hidden costs that have traditionally burdened investors. El-Khatib explained that this reform will be implemented in two phases. The first phase targets financial burdens imposed across all sectors, including amendments to contributions such as those required by the Training and Qualification Fund. These fees, previously set at one percent of net profit, have been revised under the newly issued Labour Law to one-quarter of one percent of the minimum insurable wage. The social solidarity contribution, another key element, will now be calculated based on net profits rather than revenues. The specific percentage is currently under discussion with relevant authorities and will be announced soon. The second phase of the reform focuses on reorganizing and reducing the overall structure of non-tax financial obligations. It seeks to redefine the financial relationship between the state and investors by clearly outlining their respective rights and responsibilities throughout the entire investment period. To further support the investment climate, El-Khatib announced that a temporary investment licensing platform will be launched in the coming days, offering 389 digital services and licenses. This interim platform will be followed by the rollout of the 'Economic Entities' platform, which will streamline procedures across the entire lifecycle of a project—from establishment and licensing to operational activities. El-Khatib also addressed Egypt's foreign trade goals, affirming the government's commitment to doubling exports and increasing their contribution to GDP to 20 percent. As part of this effort, the Ministry of Investment is working closely with the Ministry of Finance to reduce customs clearance times from 14 days to just two days by the end of 2025. This ambitious target will be supported by the implementation of 29 joint measures designed to enhance supply chain efficiency and facilitate the movement of goods. The government is also actively working to eliminate non-tariff barriers that hinder trade. Trade procedures are being simplified and aligned with international standards to ensure smoother and faster flows of goods across borders. Notably, the recent approval of US safety standards for imported vehicles into Egypt marks a significant regulatory shift, expanding choices for Egyptian consumers and improving market access for international automakers. In line with Egypt's push to modernize trade regulations, El-Khatib highlighted the cancellation of the requirement for halal certification on imported dairy products, a move that aligns with global practices and has been positively received by Egypt's trading partners. To increase competition and reduce costs, the government has also opened registration for new entities authorized to issue halal certificates. Furthermore, a study is underway to reduce conformity assessment fees for food products and production facilities, easing the financial burden on exporters and encouraging fair and open access to the Egyptian market. Beyond regulatory reforms, El-Khatib spoke about Egypt's strategy to optimize public asset management through the country's Sovereign Fund. He revealed that a plan is in motion to transfer a package of state-owned assets to the fund. This transfer aims to unlock greater economic value, maximize returns, and ensure more efficient management of national resources. The Sovereign Fund of Egypt will take on a central role in overseeing the state's asset portfolio and increasing its economic returns. El-Khatib concluded by underscoring Egypt's key competitive advantages, which include its strategic geographic position connecting Africa, Asia, and Europe; free trade agreements with more than 70 countries; advanced infrastructure networks; and a young, skilled labour force of over 31 million people. Together, these factors place Egypt in a strong position to attract long-term investment and serve as a regional hub for trade and economic growth.
Ammon
20-05-2025
- Business
- Ammon
Jordan, Egypt discuss strengthening economic, investment ties
Ammon News - President of the Jordan Chamber of Commerce, Senator Khalil Al-Haj Tawfiq, and Egypt's Minister of Investment and Foreign Trade, Hassan El-Khatib, held talks in Berlin on Monday aimed at advancing bilateral economic, trade, and investment cooperation. The meeting, held on the sidelines of the 14th Arab-German Economic Forum, focused on unlocking the economic potential between the two countries by promoting strategic partnerships and facilitating joint investment ventures. According to a statement from the Jordan Chamber of Commerce, the two officials emphasized the importance of transitioning Jordanian-Egyptian relations into a comprehensive economic partnership, leveraging the long-standing ties and complementary economic strengths of both countries. Minister El-Khatib reaffirmed Egypt's commitment to encouraging private-sector collaboration and highlighted the need to build investment partnerships that serve mutual interests. He also stressed the role of the private sector in driving economic growth and job creation, calling for increased engagement between business institutions in both countries and more targeted promotion of available investment opportunities. Senator Al-Haj Tawfiq presented Jordan's Economic Modernization Vision as the country's roadmap for growth and sustainability, aimed at attracting foreign investment and expanding economic sectors. He outlined recent reforms undertaken to improve Jordan's business climate, enhance competitiveness, and facilitate investor entry. He also pointed to regional partnership initiatives between Jordan and Egypt designed to support broader economic integration, and cited the trilateral cooperation framework with Iraq as a platform for launching joint projects in infrastructure, energy, transport, and electric grid interconnection.
See - Sada Elbalad
16-05-2025
- Business
- See - Sada Elbalad
Egypt's Agricultural Exports to Russia Witness Significant Increase
Taarek Refaat The Ministry of Agriculture and Land Reclamation, represented by the Central Administration of Agricultural Quarantine, participated in the 15th session of the Egyptian-Russian Joint Committee for Trade, Economic, Scientific, and Technical Cooperation, chaired by Hassan El-Khatib, Minister of Investment and Foreign Trade. Mohamed El-Mansi, Head of the Central Administration of Agricultural Quarantine stated that this comes within the framework of the follow-up Sector to facilitate the flow of Egyptian agricultural exports to various countries around the world. El-Mansi indicated that during the meetings, ways to enhance cooperation and facilitate the flow of trade between the two countries were discussed, during meetings attended by representatives of the Russian Federal Service for Veterinary and Phytosanitary Supervision and the Russian Federal Service for Consumer Protection and Human Welfare. He added that 2024 witnessed a significant increase in exports of some Egyptian agricultural crops to Russia, compared to 2023. Oranges increased by 42.3%, with 297,000 tons exported in 2024 compared to 208,700 tons in 2023. He also explained that mandarin exports to Russia increased by 2.2 times, from 83,800 tons in 2023 to 181,500 tons in 2024. He explained that in 2025, compared to the same period last year, exports of fresh Egyptian table potatoes to Russia increased by 4.6 times, with 59,300 tons exported during the same period in 2024, reaching 274,500 tons this year. Onion exports also increased by 71.9%, from 7,600 tons to 13,000 tons. The head of the Central Administration of Agricultural Quarantine explained that the two sides agreed to facilitate the movement of Egyptian agricultural exports to Russia. The Russian side requested that Egypt become a source of several other agricultural commodities, instead of some other countries, given the competitive advantages of Egyptian products and their proven quality. Representatives of the Egyptian Agricultural Quarantine also participated in side meetings with Russian businessmen, attended by the Minister of Investment and Foreign Trade. The meeting discussed a proposal for the largest Russian supermarket chains to establish sorting and packing stations in Egypt to export products from Egypt to the Russian Federation, in line with the requirements of the supermarket chains, and the implementation of a direct export program throughout the year. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe 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
Zawya
05-05-2025
- Business
- Zawya
Egypt: El-Khatib inaugurates Egyptian-Moroccan Investment Forum
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib has inaugurated the Egyptian-Moroccan Investment and Trade Forum in Cairo, according to a statement. Held under the theme "Promising Economic Partnership", the forum was also attended by Morocco's Secretary of State for Foreign Trade Omar Hejira, the Moroccan Ambassador to Cairo Mohamed Ait Ouali, and other key officials. El-Khatib highlighted that this forum aims to create channels of permanent and constructive communication between the two countries. He also stressed the importance of these meetings as a pivotal mechanism for evaluating and developing trade exchanges, especially Moroccan exports to Egypt, noting that the current figures do not reflect the Moroccan side's capabilities in light of the opportunities available in the Egyptian market. The minister reflected on the preferential trade agreements (PTAs) between the two countries, including the Agreement to Facilitate and Develop Inter-Arab Trade, the Agadir Agreement, and the African Continental Free Trade Area (AfCFTA). Khatib stated that these deals help stimulate economic growth and expand access to foreign markets, aligning with the two countries' commitment to developing economic relations. He hoped that these agreements would facilitate trade and expand new markets for national products, capitalizing on the accumulation of origin between the two countries. Finally, he asserted that both the ministry and the government exert joint efforts to remove all obstacles affecting trade and investment, including measures to reduce the time and cost of clearing goods through customs ports. These efforts aimed at improving economic performance, developing production structures, and providing a favorable climate for both international trade and investment, serving foreign investors and encouraging investment. On his part, Hejira affirmed unveiled practical measures to increase Moroccan exports to Egypt, including facilitating the registration and certification of Moroccan products and allocating a fast track for Moroccan goods in the Egyptian market. He also noted that integration is the best way to address the challenges of global trade, create a competitive regional economy, achieve development, and secure job opportunities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
30-04-2025
- Business
- Zawya
Egypt targets $145bln in exports by 2030: El-Khatib
Egypt is committed to scaling up exports to $145 billion by 2030, which requires maintaining annual growth exceeding 20%, Minister of Investment and Foreign Trade Hassan El-Khatib announced during the Egyptian Exporters Day celebration, organized by the Egyptian Exporters Association (ExpoLink). During the third edition of the event, which gathered key business figures, investors, and export sector representatives, El-Khatib said his participation aligns with the government's support for Expolink's Investment for Export initiative, launched early last year. He described investment and exports as the two main drivers of economic growth and sustainable development. This year's theme, 'Made in Egypt – From Local to Global,' reflects the country's goal of expanding its global footprint and achieving a qualitative leap in export performance, El-Khatib said. He noted that exports are central to the state's economic agenda, playing a critical role in boosting foreign currency reserves and narrowing the trade deficit. Highlighting progress made over the past decade, the Minister pointed to major infrastructure investments, including cities, ports, logistics hubs, and upgraded transport networks, as a strong base for boosting export capacity. He also said that monetary policy reforms since March 2024, notably the adoption of a flexible exchange rate, have helped enhance the competitiveness of Egyptian goods. On the fiscal front, the government continues to ease burdens on investors and improve the overall business climate. El-Khatib revealed that the ministry aims to reduce customs clearance time to just two days by the end of 2025, supported by extended working hours and 29 trade facilitation measures. Regarding export burden refunds, he confirmed the current program guarantees payment within 90 days. A new three-year refund scheme will soon be announced, developed in coordination with export councils and relevant agencies to align with Egypt's export ambitions. In terms of expanding African market access, El-Khatib outlined a strategy to establish five to six logistics centers across key countries in the continent. These hubs are expected to streamline supply chains and strengthen Egypt's trade presence in Africa. He concluded by stressing Egypt's strategic advantages, including location, resources, and human capital, and called for deeper public-private partnerships to support a manufacturing-led export model. For his part, Chairman of ExpoLink Mohamed Kassem said the association secured several partnership deals locally and internationally to support Egyptian exporters. He highlighted upcoming expansions into the American and Swiss markets through new representative offices and increased promotional efforts. Kassem also noted the association's collaboration with the African Export-Import Bank to reinforce Egypt's presence in African markets, adding that Egypt's favorable location and trade agreements offer a strong platform for exporters to scale globally. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
