Latest news with #MinistryofInvestmentandForeignTrade
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Nine Chinese, Turkish firms invest $41.6m in Ismailia Free Zone, creating 16,000 jobs
The Ismailia Free Zone has secured new investments from nine Chinese and Turkish companies, with a combined value of $41.6m. The projects cover textiles, ready-made garments, protective and sportswear, and the manufacture of spare parts for heating and plumbing equipment. Together, they are expected to generate approximately 16,000 direct jobs. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), said the inflow of new investments reflects the success of the Egyptian government's efforts to create a competitive, investor-friendly environment that fosters manufacturing opportunities and provides employment for thousands of workers. He noted that the new textile and garment projects will export 100% of their output, in line with the Ministry of Investment and Foreign Trade's 'Investment for Export' strategy. Production at the new factories is scheduled to begin in 2026. Ayman Saleh, Head of the General Free Zone in Ismailia, reported that in 2024 the zone completed infrastructure development on 60 feddans designated for industrial use and allocated to investors. He added that work is under way to develop an additional 70 feddans in 2025 to meet strong demand for industrial investment in Egypt, particularly in the Suez Canal region. Representatives of the Chinese and Turkish companies praised the streamlined investment procedures and favourable climate offered by GAFI. They also announced plans to relocate substantial portions of their production operations to Egypt, supporting GAFI's strategy to position the country as a leading hub for export and re-export in the Middle East. The investors highlighted Egypt's strategic advantage in having preferential access to most major global markets through its extensive network of trade agreements.
Daily News Egypt
19-07-2025
- 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
23-06-2025
- Business
- Daily News Egypt
Egypt forms mini committee to tackle customs evasion, support local industry
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir has ordered the formation of a mini committee to develop effective solutions for combating customs evasion—a practice that poses a growing threat to local industry, state revenues, and product quality in the Egyptian market. The committee, announced during the 26th meeting of the Ministerial Group for Industrial Development held Monday, will include representatives from the Ministry of Investment and Foreign Trade, the Egyptian Customs Authority, the Organization for Standards and Quality, the General Organization for Export and Import Control, the Federation of Egyptian Industries, and a private-sector company owner. Its mandate is to formulate recommendations aimed at curbing customs evasion while safeguarding the interests of domestic manufacturers and improving market integrity. At the start of the meeting, Minister Al-Wazir reviewed the outcomes of his recent visit to the Abu Rawash Industrial Zone, which currently hosts 800 facilities and is expected to expand to 1,000. He highlighted the zone's most pressing challenge: inadequate basic infrastructure, which is hampering production and hindering operational efficiency. He called for urgent inter-ministerial cooperation—particularly from the Ministries of Housing and Irrigation—to upgrade infrastructure in the zone and expedite the establishment of a water and wastewater treatment plant. Approvals and permits for the plant have already been obtained, with financial allocations being finalised in coordination with the Giza Governorate. Al-Wazir also urged authorities to boost the zone's utilities capacity, particularly given the presence of major labour-intensive factories with export capabilities. The Ministry of Housing and Urban Communities has been tasked with preparing a detailed plan for the plant, to be presented at the next ministerial group meeting. The session also reviewed complaints from several Egyptian manufacturers of filtration systems regarding the negative impact of customs evasion on their operations. The discussion included a review of the automated classification and pricing mechanism currently employed by the Customs Authority, which determines reference prices for import valuation purposes. The group also assessed the status of three companies previously granted single industrial licences to establish factories in animal feed production, rubber recycling, and food packaging. These companies had exceeded the designated timelines for setting up their operations. Consequently, the committee approved the withdrawal of the allocated land and its reallocation to more committed investors, particularly in cases where land hoarding was evident. Minister Al-Wazir emphasised the need for a thorough evaluation of all future applicants for the single licence, ensuring that projects secure the necessary technical approvals and environmental clearances. He reaffirmed that such licences should be limited to strategic projects, and that all relevant agencies must issue approvals within specified timeframes. Additionally, the consolidated industrial committee will carry out regular inspections of projects granted the licence. The meeting also reviewed progress by the Arab Organization for Industrialization to localise the production of water pumps at its Engine Factory. The organisation has successfully manufactured water lifting pumps with 78% local content and split-case pumps with 80% local content, both approved by the National Authority for Potable Water and Sewage. Further advancements include the production of the first prototype of horizontal centrifugal pumps, and the assembly of additional pump types—such as submersible, horizontal, and vertical split-case pumps—in cooperation with international partners. These models incorporate local content ranging from 40% to 80%, marking a significant step towards import substitution and industrial self-reliance.
CairoScene
22-06-2025
- Business
- CairoScene
Egypt Targets 30M Tourists Annually by 2031 in New Investment Strategy
Egypt has unveiled a national tourism investment strategy aimed at attracting 30 million visitors annually by 2031, with expanded hotel capacity, restoration projects, and public-private initiatives. Jun 22, 2025 The Egyptian government has launched a new investment strategy targeting 30 million tourists per year by 2031. The plan was reviewed during a recent cabinet meeting chaired by Prime Minister Mostafa Madbouly, where sector-specific goals for tourism and antiquities were discussed. The strategy centres on increasing foreign direct investment by identifying clear opportunities within the tourism sector. The Ministry of Tourism and Antiquities will lead efforts to monitor and compile data on available projects through a centralised 'investment opportunities bank.' Expanding hotel capacity is a key component of the plan. In 2024 alone, 7,200 new hotel rooms were added across the country—more than half of which were newly constructed. By the end of 2025, the ministry expects to add another 19,000 rooms. The strategy also allocates funding for the development of tourist-focused amenities such as restaurants, cafés, and heritage sites. Over the past five years, the Supreme Council of Antiquities has completed an average of 36 restoration projects annually, and further investments will support similar initiatives. From 2025 through 2031, new investment areas will include theme parks, desert safari experiences, hotel infrastructure upgrades, and the adaptive reuse of archaeological sites through public-private partnerships. The Ministry of Investment and Foreign Trade will incorporate these tourism projects into Egypt's national investment map, providing supporting data to help guide potential investors.
Daily News Egypt
18-06-2025
- Business
- Daily News Egypt
Egypt targets top 50 global business readiness ranking with key reforms
Egypt's government is targeting a position among the world's top 50 economies for business readiness and has set a three-month deadline to implement the required reforms, the country's investment minister said. Minister of Investment and Foreign Trade, Hassan El-Khatib, made the statement during the second meeting of the National Committee for the 'Business Ready' report. The meeting was hosted by the ministry and attended by Cairo Governor Ibrahim Saber and other relevant government bodies. The committee reviewed the findings of the second report issued by its technical secretariat and discussed institutional participation indicators. 'The government is targeting a position among the world's top 50 economies for business readiness,' El-Khatib said, stressing the need to implement the required measures within three months. He emphasised the need for all sectors to participate effectively by completing the report's questionnaires to ensure a realistic and effective assessment of the business environment. He noted that the required procedural reforms are not complex and can be implemented immediately, which would create a significant shift in the country's competitiveness. The minister also stressed the importance of turning current challenges into genuine reform opportunities, pointing toEgypt's existing strengths. He cited the country's advanced infrastructure, including ports and railways, a clear plan for expansion into African markets, a highly skilled workforce and engineering talent, and the availability of renewable energy sources. For his part, Cairo Governor Ibrahim Saber affirmed the governorate's full readiness to cooperate with the Ministry of Investment and Foreign Trade to address any challenges that may hinder the implementation of the targeted reforms. The meetings of the National Committee for the 'Business Ready' report are part of a state-wide effort to enhance the readiness of its institutions to apply international business standards. The initiative aims to coordinate between different government agencies and integrate their roles to build a flexible and effective institutional system capable of keeping pace with global developments and improving Egypt's investment climate.
