Latest news with #InvestmentandForeignTrade
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Egypt's PM Leads High-Level Meeting to Boost U.S.-Egypt Economic Cooperation
Ahmed Emam Egyptian Prime Minister Mostafa Madbouly chaired a high-level meeting on Sunday to follow up on efforts to deepen economic cooperation between Egypt and the United States, emphasizing the importance of leveraging the strategic and longstanding ties between the two nations. The meeting brought together key cabinet members including Minister of Planning and Economic Development Rania Al-Mashat, Minister of Foreign Affairs and Egyptian Expatriates Badr Abdelatty, and Minister of Investment and Foreign Trade Hassan El-Khatib. Vice Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir participated via video conference, along with other senior officials. In his address, Madbouly stressed the government's commitment to removing any barriers hindering joint economic projects and called for identifying concrete initiatives for future collaboration. He also highlighted Egypt's favorable investment climate, noting the broad incentives offered to foreign investors, particularly U.S. companies. 'Egypt is eager to expand its economic partnership with the United States, and we are committed to creating the conditions necessary for American businesses to thrive here,' Madbouly said. In turn, Foreign Minister Abdelatty outlined the diplomatic efforts underway to strengthen bilateral ties, both on the economic front and in relation to broader regional dynamics. He underscored the Foreign Ministry's active role in promoting cooperation with Washington across multiple sectors. Joining remotely, Minister El-Wazir presented updates on current consultations with U.S. firms, particularly in the areas of port development, maritime transport, and industrial zones—sectors where Egypt is seeking strategic foreign investment. Minister Al-Mashat reviewed ongoing development cooperation programs funded by the U.S. Agency for International Development (USAID), which support key priorities in Egypt's national development plan. She noted that these programs play a vital role in education, health, infrastructure, and economic inclusion. El-Khatib, Minister of Investment and Foreign Trade, detailed recent efforts to promote trade and attract U.S. investment into Egypt's economy. He pointed to expanding opportunities in sectors such as manufacturing, clean energy, and digital innovation. The Prime Minister concluded the meeting by instructing all relevant agencies to coordinate in preparing a comprehensive package of promising investment opportunities to present to American companies, with the goal of expanding U.S. economic presence in Egypt. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Arts & Culture "Jurassic World Rebirth" Gets Streaming Date Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
Italian firms eager to invest in Egypt across multiple sectors: Italian ambassador
Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib met with Italian Ambassador to Cairo Michele Quaroni to discuss ways to strengthen economic cooperation and boost Italian investments in Egypt, reflecting the strong strategic partnership between the two countries. El-Khatib stressed that the Ministry of Investment and Foreign Trade attaches great importance to creating an attractive investment climate and offering facilitation measures for Italian investors. He noted that a comprehensive action plan is being implemented to unlock new avenues for Italian investment. This includes engaging with the Italian business community to showcase cooperation opportunities, streamlining investment procedures, and providing full support. The minister added that these efforts come at a time when Egypt is extending unprecedented support to the private sector and encouraging foreign companies to expand their investments in the Egyptian market. He pointed out that the state has enacted a series of economic reforms in recent years aimed at improving the business environment, simplifying customs procedures, and reducing clearance times to further facilitate investment. El-Khatib also highlighted several sectors of mutual interest that offer promising opportunities for collaboration, including the green economy, water desalination, recycling, and key priority industries. For his part, Ambassador Michele Quaroni expressed Italy's appreciation for the Egyptian government's efforts to enhance the investment climate. He affirmed that continued coordination with the Ministry of Investment and Foreign Trade would pave the way for deeper cooperation and open new opportunities for Italian investors, particularly in sectors that align with Italy's priorities. Quaroni noted that many Italian companies are keen to invest in Egypt across various fields, praised the Ministry's commitment to supporting existing Italian businesses operating in the country, and expressed interest in exploring the possibility of organising a promotional visit to Italy to present recent developments in Egypt's business environment and investment opportunities.
Daily News Egypt
09-07-2025
- Business
- Daily News Egypt
Chinese Premier Li Qiang arrives in Egypt for high-level talks
Chinese Premier Li Qiang arrived in Cairo on Wednesday for his first official visit to Egypt, where he was greeted by his counterpart Mostafa Madbouly at the start of a trip aimed at strengthening the strategic partnership between the two countries. Li, who is heading a high-level delegation, was given an official reception ceremony at Cairo International Airport, which included the playing of both nations' national anthems and an inspection of the guard of honour, a statement from Madbouly's office said. The two premiers are scheduled to co-chair an expanded session of talks and witness the signing of several agreements aimed at enhancing bilateral cooperation in various fields. Upon his arrival, Li emphasized the deep historical and cultural ties between the two nations, noting that Egypt was the first Arab and African country to establish diplomatic relations with the People's Republic of China nearly 70 years ago. 'The ancient Silk Road linked our two peoples across thousands of miles, and our friendship has stood the test of time,' Li said in a statement. 'Under the leadership of President Xi Jinping and President Abdel Fattah El-Sisi, our cooperation continues to deepen, setting a model for South-South cooperation.' Li added that China views Egypt as a key partner in the Global South and is eager to enhance collaboration across political, economic, and multilateral platforms. During the visit, the two sides are expected to discuss expanding cooperation in infrastructure, energy, trade, and technology, as well as joint efforts to promote regional stability and sustainable development. He concluded by affirming China's commitment to contributing positively to Egypt's development and to building a stronger 'China-Egypt community with a shared future.' In June, Egypt and China agreed to strengthen economic cooperation in key sectors such as electric vehicles, electronics, and artificial intelligence, and will coordinate to organise an investment promotion forum in Egypt, the Egyptian Investment Ministry said. The agreement came during a meeting in Beijing between Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and Chinese Commerce Minister Wang Wentao. The two sides agreed to enhance cooperation in several fields, including electric cars, feeder industries, electronics, water desalination, solar panels, and artificial intelligence. They also agreed to collaborate on strengthening supply chains. Chinese Commerce Minister Wang Wentao praised the bilateral trade volume, which has reached $17bn, affirming that China remains Egypt's largest trading partner. He highlighted successful investment cooperation in the TEDA-Suez zone, which has attracted significant Chinese investment, alongside major projects implemented by Chinese firms, including the Iconic Tower and Central Business District in the New Administrative Capital, the electric train, and renewable energy projects.
Daily News Egypt
07-07-2025
- Automotive
- Daily News Egypt
Egypt urges auto manufacturers to boost local value-added under revised industry programme
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, held on Monday an extensive meeting with automotive manufacturers operating in Egypt to review recent amendments to the National Automotive Industry Development Programme (AIDP). Attending the meeting were the Minister of Investment and Foreign Trade, senior officials from the Ministry of Finance—including the Deputy Minister for Tax Policies—the heads of the Egyptian Tax and Customs Authorities, and members of the programme's technical committee, alongside representatives from the Ministries of Industry, Investment, Foreign Trade, and Finance. Opening the meeting, Al-Wazir stressed that the updated programme is designed to provide meaningful incentives to manufacturers and ensure long-term sustainability by adopting a practical and realistic approach. He emphasised the need to enhance local manufacturing to scale up production and fully utilise existing industrial capacities and resources. The amendments were approved by the Ministerial Group for Industrial Development and the Supreme Council for the Automotive Industry, chaired by the Prime Minister, and were subsequently ratified by the Cabinet. Al-Wazir affirmed the state's readiness to support automakers in developing this strategic sector for mutual benefit. He also announced the conclusion of the transitional period on 30 June and instructed the Ministry of Finance to start disbursing entitlements to companies registered under the programme. The revised AIDP officially took effect on 1 July. The meeting reviewed the criteria for joining the updated incentive scheme, including increasing local value-added, expanding production volumes, attracting new investments, meeting environmental standards, and supporting development in priority regions. To qualify, manufacturers must produce at least 10,000 fossil-fuel vehicles annually, with a minimum of 5,000 units per model and local content starting at 20%, subject to biennial review. For electric vehicles, initial production must be at least 1,000 units, increasing to 7,000 by the end of the programme, with a starting local content of 10%, reviewed annually. Electric vehicles will receive 50% of the incentives linked to value-added and production volume and full incentives for new investment and environmental compliance. The maximum eligible car price is EGP 1.25m, with an engine size limit of 1600cc. Incentives are capped at 30% of the ex-factory price, up to EGP 150,000 per vehicle. Gas-powered vehicles must receive environmental compliance certification from an entity affiliated with the Ministry of Petroleum. To count as local content, at least 25% of the value must derive from genuine manufacturing or locally sourced components—not mere assembly. Both production and local content targets will rise over the programme's seven-year span. Incentives will be partially reduced if targets are missed, while manufacturers exceeding 35% local content will receive an additional EGP 5,000 for every 1% increase, beyond the capped amount. In priority development zones, companies producing over 100,000 fossil-fuel vehicles or 10,000 electric vehicles will be eligible for land cost reimbursement. These benefits complement existing customs and tax incentives granted under multiple legislations, including those governing customs duties, special economic zones, SMEs, VAT, property tax, and investment. Exporting companies may also benefit, as incentives are calculated based on total production, regardless of market destination. Additional bonuses will be awarded to firms that exceed programme targets. The new incentive calculation methodology, including examples, was explained during the meeting. Minister of Investment and Foreign Trade Hassan El-Khatib reiterated that the revised programme aims to establish a genuine automotive manufacturing base in Egypt. He pointed to the country's competitive advantages and said the amendments reflect the government's ambition to scale up both vehicle and component production. The Deputy Minister of Finance clarified that the incentives would be applied through a tax and customs offset mechanism, allowing manufacturers to use earned entitlements to settle dues, thereby streamlining the process. Some component producers called for strengthening the local supply chain—particularly for steel and panel materials used in car bodies—to reduce reliance on imports. In response, Al-Wazir directed that all producers of these materials be invited free of charge to a reverse exhibition to be held alongside the upcoming Industry and Transport Exhibition, which will link automakers with raw material suppliers to spur the growth of Egypt's automotive and electric vehicle sectors. Several vehicle manufacturers raised concerns about the need to ensure fair competition between locally assembled electric vehicles—which face import duties on components—and fully built electric vehicles that enter tariff-free. They also called for a reassessment of customs duties on production inputs. It was confirmed that these matters will be studied by the Ministries of Investment, Foreign Trade, and Finance to support local industry, particularly electric vehicle manufacturers.
Egypt Independent
28-06-2025
- Business
- Egypt Independent
Investment Minister urges petrochemical companies to bolster partnerships with Egypt
'Egypt is working on developing several major petrochemical projects that will contribute to securing the needs of the local market and exporting the surplus,' Minister of Investment and Foreign Trade Hassan Al-Khatib said. Khatib was speaking during a roundtable event focused on the mining and petrochemical industries, held in Shanghai with the participation of representatives of major companies and investors to discuss partnership opportunities and increase investment flows between Egypt and China. Highlighting the strategic importance of the petrochemical sector for Egyptian industry, given its pivotal role in supporting a series of supplementary industries, Khatib said, noting that Egypt is working on an ambitious program to expand this sector and increase local production, which would contribute to cutting the import bill and increasing exports. As for the mining sector, the minister shed light on the government's reforms to create an investment-friendly environment. According to Egypt's Vision 2030, this sector is one of the main pillars of economic diversification and long-term growth, the minister said, noting that the government seeks to create more jobs, promote technology transfer, and optimize the use of mineral resources. Khatib said that the Egyptian government is moving forward with structural reforms in the petrochemical and mining industries, in support of the state's efforts towards a more resilient, diversified and sustainable economy. He called on international companies to build stronger partnerships with Egypt and contribute to the implementation of major projects under-construction in Egypt, to achieve mutual interests and promote sustainable growth.
