The Egyptian government seeks to provide a stimulating and attractive environment for local and foreign investments to deepen its partnership with the private sector, especially with the developmental movement that Egypt is witnessing, according to Minister of Finance Mohamed Maait.
Maait’s remarks came in a meeting with Osama bin Ahmed Al-Naqli, the Saudi Ambassador in Cairo, on Monday, which was also attended by Hossam Hussein, the Adviser to the Minister of Finance for Foreign Relations; and Nasreen Lashin, the Head of the Investors Support Unit.
“This [attractive business environment] will eventually help develop production, strengthen the structure of the national economy, and create more work opportunities. Consequently, the standard of living of citizens will improve, as well as the quality of the services provided to them,” Maait said.
The minister noted that the development Egypt is currently witnessing in its institutional and legislative structure — specifically in the modernisation and automation of the taxation and customs systems — is in line with international standards to facilitate services provided to the business community, save time and effort, and overcome obstacles. It also enhances internal and external trade and stimulates investment in various sectors.
Moreover, the state is keen on opening broad investment horizons for Saudi investors and benefiting from the investments offered by the Saudi Public Investment Fund (PIF) in laying the foundations for comprehensive and sustainable development.
For his part, Al-Naqli stressed his government’s keenness to increase the volume of Saudi investments in Egypt in light of the promising investment opportunities the Egyptian government offers.
Additionally, he highlighted the interest the PIF shows as an investment arm of the Saudi government to work in Egypt and neighbouring countries in order to consolidate economic cooperation with Egypt and other countries.
Both sides affirmed the strength of the strategic relations between the two countries, and the aspiration of the political leadership in both countries to strengthen and deepen relations to ensure closer ties and elevate bilateral cooperation to distinct levels.