Egypt aims to boost competitiveness to attract more foreign investment: minister

Egypt is pressing ahead with reforms to attract local and foreign investors and boost economic competitiveness, Investment and Foreign Trade Minister Hassan El-Khatib said on Wednesday.

Speaking at a meeting with a delegation from the Shafik Gabr Foundation, El-Khatib outlined steps to reduce fees and taxes, speed up customs clearance and implement an inflation-targeted monetary policy.

He said opportunities were opening in tourism, healthcare, ICT, automotive and renewable energy, supported by major infrastructure upgrades and Egypt’s strategic location as a hub linking East and West. The country handles about 70 per cent of Asia-Europe data traffic, he added.

El-Khatib stressed that the government is prioritising labour-intensive and engineering industries as part of an innovation-driven reform agenda aimed at doubling foreign direct investment.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser