Egypt steps up investment drive, economic reforms to bolster competitiveness: minister

Egypt is intensifying efforts to attract investment and support entrepreneurship while expanding international partnerships to strengthen its economic competitiveness, Investment and Foreign Trade Minister Hassan El Khatib said at the EO Cairo event on Tuesday.

El Khatib described the private sector as the main driver of growth, outlining a decade-long investment programme covering infrastructure, transport, electricity, and renewable energy. He said the plan aims to sustain fiscal discipline and gradually reduce the country’s debt-to-GDP ratio.

The minister said the government has implemented wide-ranging reforms in taxation, foreign trade, and state asset management, noting a 63 per cent cut in customs clearance times, continuous port operations throughout the week, and a digital platform that reduced business registration steps from 34 to nine. About 60 per cent of 300 planned measures to improve the investment climate have already been completed, he added.

El Khatib highlighted Egypt’s plans to expand industrial capacity, boost renewable energy production, and deepen local manufacturing, particularly in African markets. He said the country is positioning itself as a regional hub for energy exports, including green hydrogen and ammonia.

He also cited initiatives to localise technology, advance artificial intelligence adoption, and train the workforce, noting Egypt currently has a power surplus and is expanding solar production.

Egypt, he concluded, has a “historic opportunity” to reinforce its economic position through continued reform, industrialisation, and investment in renewable energy and technology.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser