The fifth edition of the Fingerprint Summit was launched on Wednesday under the title ‘The First Forum to Promote Investment Opportunities in Public and Private Sectors’ under the patronage of Prime Minister Mostafa Madbouly.
Minister of Social Solidarity Nevine El-Kabbaj stated that the ministry is working to stimulate a number of private investment opportunities by creating partnerships with the private and governmental sector and civil society institutions using a number of measures.
First, reducing cost of social insurance, whereby reforming the insurance system and pensions through the new Unified Law, which provided many advantages, the most important of which is reducing insurance contributions rates for the private and government sectors. This ultimately contributes to reducing the cost of production, facilitating labour insurance procedures, automating insurance services, and allowing insurance for foreign workers.
This is besides the Social Security Investment Fund, where the Social Insurance and Pensions Law No. 148/2019 granted the right to establish a fund to invest pension funds, joint stock companies, and a real estate investment fund in order to encourage maximising the National Authority for Social Insurance’s resources and investing insurance funds in various investment tools, the minister said.
She noted that providing a favourable climate for investment achieves a tangible shift in the lives of societies needs to create a real investment culture and effective integrated efforts, as investment expands to include people and money, adding that investment in health, education, and social protection contributes to economic growth.
“An Environmental and Rural Industries Supporting Fund affiliated with the Ministry of Social Solidarity is working to create a supportive environment for strengthening industries, building partnerships with international development agencies, marketing products, providing technical training, establishing business incubators and accelerators, and providing financing for individuals and NGOs to set up projects and micro-loans,” El-Kabbaj elaborated.
For his part, Chairperson of the Fingerprint Summit and the Terous Misr Foundation for Development Hany Mahmoud said that the purpose of organising this conference is to support the efforts of the state to attract more foreign investments in light of the directives of the political leadership to work on attracting foreign direct investment.
He also expressed his hope to sign some contracts for major projects to obtain the golden license announced by President Abdel Fattah Al-Sisi, which will facilitate a lot for investors.
“The investment opportunities presented in this edition will be in food security, maritime transport, and waste recycling. About 20 investors in major projects from the UAE, Saudi Arabia, Qatar, and Japan are participating in the Fingerprint Summit, in addition to 40 entrepreneurs for promising small projects,” he concluded.