Egyptian Govt Seeks To Persuade OCI Not To Exit Market

Egypt’s Investment Minister Osama Saleh said Orascom Construction Industries (OCIC.CA), owned by the Egyptian tycoon Nassif Sawiris, has not exited the Egyptian market for the ministry is in talks with OCI to persuade the firm to continues its activities in the market.

There are negotiations currently held between the ministry and the OCI so as to persuade the latter to continue its operations in the country and to reconsider its exit decision, Saleh noted in a statement to the state-news agency MENA on Thursday.

The minister further stressed the Egyptian government’s keenness on preserving the current investments in the country looking forward to attracting more within the coming period. The government is also willing to reconcile with the businessmen and investors charged with financial corruption cases, he explained.

Moreover, Minister Saleh asserted that the Egyptian government is the sole entity that is responsible for the reconciliation file with the investors and the political powers in the country have nothing to do with such a file.

Saleh urged the investors, who are from the former regime or even involved in cases related to financial corruption, to directly start talks with the Egyptian government.