The government is doing its best to remove barriers inhibiting local and foreign investments in Egypt, Minister of Tourism Hisham Zaazou said, adding that they are tackling the bureaucratic issues and procedures in public and governmental entities.
“The government stresses that the private sector has a lot of opportunities,” Zaazou said, adding that investors should feel a sense of urgency to invest in Egypt.
During his speech, Zaazou revealed his ministry’s plan to attract 40 million tourists in the coming period, which will generate $25bn in revenues.
Speaking on the behalf of Prime Minister Ibrahim Mehleb, Zaazou thanked the organisers of the Euromoney conference which he said has brought together leading businessmen, economists and investors to discuss the potentials of the Egyptian market.
The government and investors should unite to put Egypt back in its “real position”, Zaazou said, stressing the country is “back on track”, adding that the country is a hub investment, tourism and technology sectors.
The sessions have looked at key sector challenges facing the Egyptian economy such as energy, tourism, transportation, real estate and financial sectors, Zaazou said.
During his speech, Zaazou mentioned that the government is also taking steps to secure the energy supplies, “not only fuel and LNG supplies but also we are encouraging to invest in solar energy,” he said.
Zaazou promised that the government is committed to achieving a high growth rate and to improve the living conditions of citizens, mentioning that the government has already taken steps through adopting economic reforms such as reducing fuel subsidies.
The government has concluded a big part of its political roadmap, imposed after the ouster of former president Mohamed Morsi in July 2013, Zaazou said, stressing that the “political stability” has helped to restore confidence in Egypt, “but we still have a lot to do”.
During the speech, Zaazou said that the theme of the Euromoney conference, which is Stability, Investment and Growth, has summed up the aims of the government, but he added that they have higher aspirations than these goals.
The government approved on Wednesday the ‘feed-in’ tariff system which will allow both individuals and investors to gain contracts in creating electricity from new and renewable energy sources, Zaazou announced.
With regard to legislation reforms to attract investments, Zaazou said that the government has already amended the investment law in a way that prevents third parties from challenging contracts between the government and investors.
However, Egypt still needs EGP 200bn worth of foreign direct investment (FDI), Zaazou added.