More than 1,000 investors from Arab countries have gathered on Sunday to launch the 16th Conference of Arab Businessmen and Investors.
Speaking on the behalf of President Abdel Fattah Al-Sisi, Minister of Supply Khaled Hanafy said that Egypt is currently adopting several national projects to stimulate the economy, such as the new Suez Canal project and the global logistics centre, in addition to projects in the energy, housing, and agriculture sectors, in order for Egypt to become a global trade hub.
Hanafy said that the government is adopting a “legislative revolution” to attract investors, with the aim of maintaining Egypt’s position as the largest market in the Middle East and Africa.
“It is the time to take actions and to convert the bilateral relations to economic cooperation,” said Hanafy, claiming that the conference is a significant step towards that aim.
Head of the Federation of Egyptian Chambers of Commerce Ahmed El-Wakil opened the conference, stressing that the event sends a strong message that Arab nations will continue to economically cooperate to achieve high levels of growth.
Among the main panel was Arab League head Nabil El-Araby who said that the cooperation between Arab economies will support national security in the Arab region.
Meanwhile, Minister of Investment Ashraf Salman said that the government is depending on the private sector to achieve 3.5% of GDP economic growth by the end of the current fiscal year, explaining that the government invests EGP 85bn and is expecting from the private sector to invest around EGP 280bn to achieve the desired target.
Salman claimed that all disputes with foreign investors will be solved before the economic summit in March.