3 days ago
Sisi discusses Egyptian economy competitiveness with Cabinet
Sisi with Cabinet ministers - FILE
CAIRO - 2 June 2025: President Abdel Fattah al-Sisi was briefed by several ministers on Sunday on the steps taken to enhance the competitiveness of the Egyptian economy and increase foreign direct investment through a unified national investment strategy.
The strategy includes structural reforms, setting specific objectives, incentive-driven fiscal policies and open trade policies.
It also focuses on encouraging the private sector and continuing digital transformation as fundamental pillars for development.
Investors are encouraged by simplifying and streamlining investment-related procedures and approvals, facilitating licensing procedures through the launch of a unified platform that offers electronic licensing services, and reducing non-tax financial burdens on investors and companies, according to a statement by the presidential spokesperson.
The meeting also addressed the progress of a project to construct an Unclean Dry Bulk terminal at Abu Qir Seaport in Alexandria, as part of efforts to transform Egypt into a global hub for transportation, logistics, and transit trade.
A study was also reviewed on establishing a logistics terminal for receiving and handling raw iron and billets in Adabiya, Suez, as part of efforts to transform Egypt into a global hub for the iron and steel industry.
The meeting also touched on the work of The Sovereign Fund of Egypt for Investment and Development, including the operational and legislative frameworks for maximizing the value of the Fund's affiliate companies, as well as efforts to list and monitor state-owned enterprises to ensure increased investment value and internal returns from these companies.
President El-Sisi gave directives to continue efforts to maximize returns from state assets and generate added value for the Egyptian economy through their effective management by innovative strategies and partnerships with the private sector.
The meeting also addressed increasing Egyptian exports, including the development of non-petroleum exports. The meeting reviewed the contribution of Egyptian exports to the Egyptian economy from 2003 to 2024, as well as export targets, which include access to new export sectors, efforts to increase the competitiveness and attractiveness of Egyptian products in global markets, and efforts to invest in export-supporting infrastructure.
The meeting also addressed the launch of the National Economic Development Narrative and its various axes, which include policies supporting the private sector to be the main driver of achieving growth and employment, creating an economy that focuses on manufacturing and exports, achieving structural development for the Egyptian economy, implementing the necessary structural reforms to boost the economy, enhancing macroeconomic and financial stability, promoting foreign direct investment, and enhancing industrial development.
The meeting with the President included Prime Minister Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Lieutenant General Kamel Al-Wazir, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Minister of Finance Ahmed Kouchouk, and Minister of Investment and Hassan El-Khatib.
