Egypt Investment Minister outlines reforms to attract foreign capital

Egypt's Minister of Investment and Foreign Trade, Mohamed Farid, has outlined a new strategic direction focused on transitioning from planning to execution to attract and support foreign investment. During meetings with international and Arab media representatives, Farid emphasized the government's commitment to improving the business climate through the digitization and simplification of procedures to create a seamless ‘investor journey.’

The ministry is focusing on four main pillars: facilitating business practices, supporting small and medium enterprises, effective investment promotion, and mitigating investment risks. Farid noted that Egypt's GDP growth rate has risen to 5.1%, with a target of reaching 5.5% to 6%, supported by improving macroeconomic indicators such as foreign asset reserves and remittances.

In a separate meeting, Minister Farid met with Omar Al Futtaim, Vice Chairman and CEO of the UAE-based Al-Futtaim Group, to discuss expanding the group's presence in Egypt. Discussions centered on potential cooperation in logistics, energy, and the management of commercial and administrative complexes. Al Futtaim expressed a commitment to long-term investment in the Egyptian market, building on the group's 50-year history in the country.