Abdel-Ati and the Ministers of Housing and Labor present investment opportunities in Egypt at the Egyptians Abroad Conference
Minister of Foreign Affairs, Immigration and Egyptian Expatriates Affairs Dr. Badr Abdel Aati stressed the importance of the investment conference between Egypt and the European Union, which was recently held in Cairo..noting that investment conferences can be held periodically between the two sides and in conjunction with the summit conferences between President Abdel Fattah El-Sisi, the President of the European Commission and the President of the European Council.
This came during Minister Abdel Aati’s participation today, Sunday, in the first session of the Egyptians Abroad Conference, which addresses investment opportunities and prospects in Egypt, in the presence of the Ministers of Housing, Utilities and Urban Communities, Eng. Sherif El-Sherbiny and Labor Mohamed Gebran.
The Minister of Foreign Affairs referred to the meeting he held yesterday with members of the American Chamber of Commerce, where they discussed holding an investment conference between Egypt and the United States before the end of this year, similar to the investment conference between Egypt and the European Union, stressing the importance of the important partnerships between Egypt and many parties that we seek to develop, including Egypt’s membership in the BRICS group, which will have positive repercussions on the Egyptian economy and support for the private sector.
In this regard, he pointed to the financing package that was agreed upon between Egypt The European Union, within the framework of the comprehensive strategic partnership agreement, which is worth 7.4 billion euros during the period from this year until 2027, which includes investment guarantees worth 1.8 billion euros, explaining that this mechanism for investment guarantees is available to the private sector and companies and opens the door to finding financing channels, especially with the state’s plan to exit.
He stressed the importance of this mechanism in light of the regional crises surrounding the Middle East, noting that the economic situation in Egypt is improving despite the economic challenges the world is witnessing in light of the crises surrounding the Middle East region.
Abdel-Ati noted the investment conference between Egypt and the European Union, during which agreements and contracts worth 49 billion euros were signed, which is a clear testimony from the European countries and the guarantees provided by the Egyptian government, in addition to being a testimony that the Egyptian economy is moving in the right direction, and that the European side realizes that there are strong indicators to empower the private sector in Egypt, which is reflected positively on the investments of Egyptian communities in the country, and pointed out the importance of the win-win principle through real partnership contracts..and there are many successful models that have been reached in this regard.
He stressed However, there is no justification – especially with the state’s withdrawal from economic activities and the encouragement of the private sector – for the delay or slowdown in transferring savings of Egyptians abroad or investing in the private sector.
For his part, Minister of Housing, Utilities and Urban Communities Eng. Sherif El-Sherbiny said that the state is investing heavily in the urban development sector and building new cities across Egypt, and the Egyptian state has taken great steps forward in this regard on the path of urban development under the directives of President Abdel Fattah El-Sisi.
He pointed out in this regard in particular the size of investment opportunities in the field of urban development that the state provides to Egyptians abroad, and this is a right upon all of us to provide these opportunities to them as individuals or the private sector.
He reviewed the government’s vision for sustainable and comprehensive urban development and the solutions through which accumulated problems are addressed and the establishment of development zones for economic activities and the development of a new generation of fourth-generation cities. He also presented the projects being launched in these cities such as New Alamein and the addition of industrial zones to them, noting that 50% of the industrial zone in New Alamein has been sold, and he presented the most important initiatives put forward by the ministryFor Egyptians abroad, the most important of which is the “Homeland House” initiative.
For his part, Minister of Labor Mohamed Gebran stressed, during the session, the ministry’s keenness to prepare labor cadres with specific standards to qualify them for the labor market abroad, and pointed out that the new investment climate in the world requires the necessity of preparing qualified cadres for the international labor market and investment to transfer international expertise, adding that the foreign labor market requires skills that keep pace with its requirements, and pointed to the effects of artificial intelligence on labor markets.
Gebran noted the importance of attracting investments from Egyptians abroad in this field, as preparing qualified cadres provides them with job opportunities in foreign markets, stressing the importance of linking technical and technological education to the labor market, noting that there are 83 training centers in the Ministry of Labor to ensure good training for the Egyptian worker..and we hope for the participation of the private sector in this field. For his part, Deputy Governor of the Central Bank Rami Abu El-Naja reviewed the most important developments in economic indicators in Egypt and how to achieve sustainable economic growth and enhance the state’s foreign exchange resources and create new job opportunities and an economic climate that stimulates investment. In this regard, he referred to the reform measures undertaken by the government, including those related to the exchange rate and its importance in confronting economic crises. He also reviewed the reality of cash reserves and external debt. He stressed that Egypt’s external debt is still within safe limits according to international indicators, and noted the measures to stimulate internal economic growth, which requires a greater influx of remittances from Egyptians abroad. For his part, the Chairman of the General Authority for Investment and Free Zones, Hossam Heiba, during the session, stressed the investment opportunities available in Egypt and the investment systems, and reviewed the plans for investment and free zones, pointing to doubling the number of investment zones, which currently number 20 zones. He also reviewed the facilities provided by the state in order to establish projects in these zones and the criteria for establishing them in a way that increases the added value of the Egyptian economy.
For his part, the Chairman of the Board of Directors of the National Bank of Egypt and Vice Chairman of the Federation of Egyptian Banks, Hisham Okasha, said that the remittances of Egyptians abroad during the past ten years amounted to 250 billion dollars during these years, adding that the remittances are not all money, but deeper than that because there may be investments for them in Egypt and savings products in banks, including dollar certificates, in addition to the loans available to Egyptians abroad
