Egypt seeks foreign investment in oil, mining ahead of September forum
Egypt is stepping up efforts to attract foreign investment into its oil, gas, and mining sectors, with the government planning to use a major industry forum next month to showcase investment opportunities, the Foreign Ministry said on Wednesday.
Foreign Minister Badr Abdel-Atty met Petroleum and Mineral Resources Minister Karim Badawy to discuss efforts to promote investment opportunities and develop Egypt’s natural resources, the ministry said in a statement.
The meeting came ahead of the Egypt Mining Forum, scheduled to take place in the New Capital in September under the patronage of President Abdel Fattah El-Sisi.
The forum will bring together mining-sector executives, investors, and Egyptian and international companies to promote investment opportunities in exploration and production, the ministry said.
Abdel-Atty stressed the importance of strengthening partnerships with regional and international energy companies and countries to support Egypt’s position as a regional energy trading hub.
Egypt can leverage its strategic location, infrastructure, logistics capabilities, and specialised facilities to expand its role in regional energy markets, he said.
The foreign minister also called for greater exchange of expertise with energy-producing countries and the use of advanced technologies to develop natural resources, improve the competitiveness of Egypt’s energy sector, and attract foreign investment.
Badawy said the mining forum was part of broader efforts to promote Egypt’s mineral resources and investment opportunities.
The Petroleum Ministry has been working to improve the investment climate through regulatory reforms and incentives aimed at maximising the country’s mineral resources and increasing the sector’s contribution to the economy, he said.
The two ministries will also coordinate efforts to promote Egypt’s oil, gas, and mining investment opportunities abroad through the country’s diplomatic network, Badawy said.
Those efforts will also support Egyptian petroleum companies seeking to expand into international markets in areas including project execution, maintenance, and infrastructure, he added.
Subediting: Y.Yasser