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  • Monday, 21 October 2024

Within the Directives of the High-Level Investment & Coordination With GAFI to Develop a Vision & Strategy for Foreign Investment in Egypt in Cooperation with the World Bank: The Ministry of Planning, Economic Development and International Cooperation Hosts Consultative Meeting Attended by 17 Ministries & Entities to discuss the draft of the National Foreign Direct Investment Strategy (FDI)

The Ministry of Planning, Economic Development and International Cooperation hosted a consultative meeting with participation of 17 ministries, authorities and national entities, to discuss the draft national strategy for direct investment, which was prepared within the framework of close partnership with the World Bank Group.


H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, emphasized that the meeting comes in implementation of the directives of H.E. President Abdel Fattah El-Sisi, President of the Republic, to cooperate with the World Bank and study the methodology for enhancing Foreign Direct Investment (FDI) in Egypt. This is as well as the directives of the Supreme Council for Investment in May 2023, in coordination with the General Authority of Investment and Free Zones (GAFI), to benefit from the World Bank Group in developing a participatory and strategic vision for foreign investment in Egypt.


The Minister explained that the preparation of the National Foreign Direct Investment Strategy in collaboration with the World Bank, and in coordination with the relevant national entities, strengthens the government's efforts to attract and encourage foreign investments within the framework of the government’s program objectives to build a competitive economy that attracts investments, and to benefit from the significant components of the Egyptian economy. H.E. notes that relations with international partners are used to prepare many diagnostic reports and studies that include recommendations and pillars that are implemented on the ground in many areas to advance development efforts.


The meeting was attended by representatives of the Ministries of Planning, Economic Development and International Cooperation, Investment and Foreign Trade,GAFI, the Ministries of Finance, Industry and Transport, Communications and Information Technology, Agriculture and Land Reclamation, Tourism and Antiquities, Environment, Electricity and Renewable Energy, Housing, Utilities and Urban Communities, Supply and Internal Trade (MSIT), Justice, the Central Bank of Egypt (CBE), the Information and Decision Support Center (IDSC), the Central Agency for Public Mobilization and Statistics (CAPMAS), the General Financial Supervision Authority, the General Authority for the Suez Canal Economic Zone (SCZone), and the Micro, Small and Medium Enterprises Development Agency (MSMEDA).


The Ministry of Planning, Economic Development and International Cooperation, in coordination with the Ministry of Investment, the General Authority for Investment and Free Zones, and the World Bank Group, is working to continue coordination and consultation with various stakeholders, and to hold several workshops, in order to update all observations regarding the new strategy within the framework of the importance that the state attaches to promote and increase domestic and foreign investments and empowerment the private sector.