Latest news with #economic competitiveness
Zawya
9 hours ago
- Business
- Zawya
Egypt's PM reviews ongoing investment talks with Gulf states
Egypt's Prime Minister Mostafa Madbouly chaired a meeting on Wednesday to discuss major investment opportunities currently under negotiation with several Gulf countries. The meeting was attended by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir; Minister of Finance Ahmed Kouchouk; Minister of Investment and Foreign Trade Hassan El-Khatib; Minister of Public Business Sector Mohamed Shimi; Minister of Petroleum and Mineral Resources Karim Badawi; along with senior officials from the relevant ministries. Madbouly stressed that, as part of the government's strategy to actively promote investment in promising sectors and strengthen Egypt's economic competitiveness, the state is focused on showcasing the most viable projects and advancing executive measures to attract more foreign direct investment (FDI). Cabinet Spokesperson Counselor Mohamed El-Homsany noted that the meeting covered several projects under negotiation with Gulf partners across a range of sectors. These discussions aim to expand foreign investment and increase foreign currency inflows to support economic stability. He added that the meeting reaffirmed the government's commitment, as outlined in its action plan, to fostering both domestic and international investment by improving the investment climate and providing a package of incentives and facilitations. Gulf investments in Egypt have surged in 2025, led by the UAE's landmark $35bn Ras El-Hekma agreement—the largest FDI deal in Egypt's history—followed by Qatar's pledge of $7.5bn in direct investments. Saudi Arabia, Kuwait, and Bahrain have also stepped up their engagement, bringing total Arab investments to $41.5bn. These funds primarily target strategic sectors such as real estate, infrastructure, logistics, and energy, underscoring growing Gulf confidence in Egypt's reform agenda and economic potential.
Free Malaysia Today
23-07-2025
- Business
- Free Malaysia Today
Groups warn of productivity losses from Sept 15 additional public holiday
The Malaysian Employers Federation said while it appreciates national celebrations and commemorations, such observances must be balanced with economic realities and the long-term competitiveness of Malaysian businesses. PETALING JAYA : An employers' group and a business association have expressed concern over the impact the additional public holiday on Sept 15 may have on business operations. In a televised address today, Prime Minister Anwar Ibrahim announced that Sept 15 would be designated as an additional public holiday in conjunction with Malaysia Day. In a statement to FMT, the Malaysian Employers Federation said the extra public holiday warrants careful reconsideration because of its financial and operational impact as such holidays disrupt production schedules, logistics chains, and service continuity. 'This disruption results in lower output, delays in fulfilling delivery commitments, increased costs from rescheduling or deferring operations, and reduced overall productivity, especially for SMEs already operating on tight margins,' MEF said. It also said additional public holidays translate to increased wage bills, with preliminary estimates suggesting that each extra holiday could cost Malaysian employers over RM1 billion collectively. MEF said the practice of declaring ad hoc public holidays, often without broad stakeholder consultation, may affect Malaysia's image as a predictable and business-friendly destination. Noting that investors seek clarity and certainty in policymaking, it warned that repeated instances of surprise public holidays risk undermining investor confidence, particularly among foreign investors. 'While MEF appreciates national celebrations and commemorations, such observances must be balanced with economic realities and the long-term competitiveness of Malaysian businesses,' it said. In a separate statement, Small and Medium Enterprises Association (Samenta) president William Ng said that while he appreciates the symbolic importance of celebrating Malaysia Day, additional public holidays, especially those announced on short notice, can be disruptive for SMEs. He said the added holiday would increase costs for SMEs in terms of lost productivity, overtime pay, and delivery delays. 'We urge the government to conduct impact assessments before declaring unscheduled holidays,' he said. Ng also welcomed the encouraging economic indicators shared by Anwar in his address, particularly stronger GDP growth, improved global competitiveness rankings, and a more stable ringgit. 'However, we urge the government to ensure that the benefits of this growth are meaningfully felt by the SME sector, which continues to face persistent challenges in accessing financing, addressing labour shortages, and adapting to rising operational costs,' he said. He also called for greater support to help SMEs manage cost pressures, particularly through wage subsidies, targeted tax relief, and automation grants. Earlier today, human resources minister Steven Sim said employers must comply with the declaration of the additional public holiday in conjunction with the Malaysia Day celebration. Bernama reported him as saying employers could observe the additional public holiday and pay regular salaries, or instruct their employees to work and pay them according to the public holiday rates. 'Employers can also opt to give a replacement holiday on another day if their employees are required to work on that public holiday,' he said.
