Latest news with #Hassanal-Khatib
Egypt Independent
17-05-2025
- Business
- Egypt Independent
Egypt set to host Sun City, Russia's unprecedented industrial hub
Egyptian Minister of Investment and Foreign Trade, Hassan al-Khatib, and Russian Minister of Industry and Trade, Anton Alikhanov, witnessed the signing of the usufruct contract for the Russian Industrial Zone in the Suez Canal Economic Zone. The establishment of the Russian Industrial Zone in Egypt marks a unique undertaking, being Russia's first such venture in an Arab nation since the Soviet Union's dissolution. The area represents a point of significant mutual interest for both Egypt and Russia. Russia's leadership has been significantly influenced by the prospect of having a physical presence in new markets. It anticipates achieving the primary goal of its foreign economic strategy, which is to increase the share of non-primary exports in foreign trade. Egyptian-Russian negotiations on establishing the Russian Industrial Zone in Egypt began after the meeting between Presidents Vladimir Putin and Abdel Fattah al-Sisi in Sochi in 2014. Actual negotiations on establishing the zone commenced in August 2017. The 'pivotal project for Russian-Egyptian cooperation' offers residency in offices east of Port Said or branches of automotive, petrochemical, energy, pharmaceutical, and heavy construction materials companies. The special economic zone in Egypt is considered a launching pad for the expansion of Russian companies' business in Egypt, the Middle East, and Africa. Egyptians view the Russian Industrial Zone as a pioneering project within the Suez Canal Economic Zone. Investments in the Russian Industrial Zone will amount to $4.6 billion. Named 'Sun City', it will be built on an area of 2,000 hectares. The city is located on the Egyptian Mediterranean coast, near the Suez Canal, through which 20 percent of global trade passes. The spirit of Russia will be infused into this industrial city, as it will be built in a semi-circular shape and will consist of two sections: an eastern section named 'Moscow' and a western section named 'Saint Petersburg.' The land between the two sections will be named 'the Urals,' named after a mountain range located in the central region of Russia. There will also be a triangular-shaped entertainment area and park for the residents of this city to spend their leisure time.
Egypt Today
08-05-2025
- Business
- Egypt Today
Egyptian-US forum to tackle investment at Suez Canal Economic Zone
Suez Canal - FIlE CAIRO - 8 May 2025: An Egyptian-U.S. two-day forum will be held by the end of May in Egypt, featuring major American companies, Prime Minister Mostafa Madbouly said Wednesday. In cooperation with the American Chamber of Commerce, and with the Egyptian Embassy in Washington holding meetings with companies that will participate in the forum, investment opportunities will be presented at the forum, including the Suez Canal Economic Zone. Economic reforms will also be reviewed, as will incentives that contribute to improving the investment climate. In a meeting with several ministers with the head of the Cabinet on Monday, Minister of Investment Hassan al-Khatib noted that in 2024, Egyptian exports to the U.S. amounted to 5.5% of Egypt's total non-oil exports to the world, while U.S. exports to Egypt represent approximately 6.1% of Egypt's total non-oil imports from the world.
Egypt Independent
22-04-2025
- Business
- Egypt Independent
Egypt, Czech Republic discuss boosting economic, trade cooperation
Minister of Investment and Foreign Trade Hassan al-Khatib has discussed in a meeting with Czech Ambassador in Cairo Ivan Jukl ways of fostering economic and trade cooperation between Egypt and the Czech Republic. During the meeting, Khatib highlighted the depth of relations, underlining the importance of increasing joint investments and establishing partnerships between the public and private sectors in both countries, according to a statement released by the Investment Ministry on Monday. The minister said the Egyptian government gives priority to luring investments in advanced technology, with a view to achieving sustainable development and providing decent and productive jobs. Khatib added he plans to visit the Czech Republic soon along with an official delegation that comprises representatives of the Egyptian business community, to inform the Czech side about the recent reforms aimed at improving the business climate in Egypt. The minister stated Egypt targets enhancing its trade competitiveness to become one of the top 50 global economies in the field of commerce, by reducing customs clearance time and costs and activating the World Trade Organization instruments to protect the national industry. On his part, the Czech ambassador lauded the Egyptian State's vision for boosting foreign trade and encouraging investments, expressing his country's willingness to share experience with Egypt in bringing about economic and institutional transformation, reducing unemployment rates and supporting innovation and technology. Jukl added Egypt enjoys competitive advantages, citing the tax policy that helps the country to be an attractive destination for non-labor-intensive investments, noting Czech companies seek to expand their presence in promising markets, such as Egypt. The pair agreed on the significance of activating the joint business council and holding a forum bringing together business representatives from the public and private sectors in both countries to strengthen investment partnerships and expand bilateral cooperation.
Egypt Independent
19-03-2025
- Business
- Egypt Independent
Investment min.: Egypt focuses on infrastructure, private sector growth
CAIRO, March 18 (MENA) – Minister of Investment and Foreign Trade Hassan al-Khatib said the world is undergoing fundamental economic changes, with globalization declining and protectionist trade policies increasing. He pointed to rising tariffs in the US and Europe as indicators of a new economic phase, which began with US President Donald Trump's second term and continues with recent European elections favoring trade restrictions. In an interview with Indian broadcaster Mihir Swarup Sharma at the Raisina 2025 economic forum, al-Khatib explained that Egypt is working to enhance competitiveness, attract private-sector investment, and create a business-friendly environment. Over the past decade, Egypt has built extensive infrastructure, including roads, utilities, and energy projects, to support economic growth. Since 2013, Egypt has focused on large-scale national projects to reduce unemployment and stimulate economic development. He affirmed that Egypt's strategic location between Europe, Asia, and Africa offers a major advantage, but without strong infrastructure, this potential cannot be fully realized. The country has constructed a vast road network, developed 24 new cities, and launched energy projects to support urban expansion and economic activity. He noted that government policies have helped stabilize inflation, with positive results already visible. The minister stated that trade between the two countries remains below expectations, a topic he discussed with India's Minister of External Trade. During his visit, he met with senior officials and representatives from nine major Indian companies, seeking to attract more Indian investment to Egypt's industrial and service sectors. (MENA)
