Ayman Soliman, CEO of The Sovereign Fund of Egypt (TSFE), has expressed the fund’s willingness to cooperate with the private sector, with the aim of increasing its participation in development efforts. This is a top priority for the Egyptian state.
During the annual meeting of the American Chamber of Commerce in Egypt, titled “The Egyptian Economy at a Crossroads… Moving Forward,” Soliman stated that TSFE is implementing plans to stimulate effective participation with all parties and institutions, maximizing the return from state-owned assets.
Soliman emphasized that the Egyptian economy has a competitive advantage in the diversity of investment opportunities across various sectors. This diversity encourages the flow of capital and enhances foreign investment attraction.
Abla Abdel Latif, Chair of the Presidential Advisory Council for Economic Development, and the Executive Director and Director of Research of The Egyptian Center for Economic Studies (ECES), explained that economic reforms implemented by Egypt since 2016 have improved the investment climate. However, more incentives are needed to attract foreign capital inflows.
Abdel Latif also pointed out that offering shares of about 32 companies in government-affiliated companies to investors is not enough to enhance private sector participation in development. She suggested that stimulating the private sector to lead development plans is the solution.
Tarek Tawfik, President of AmCham in Egypt, stated that the Egyptian government has invested heavily in infrastructure to create an investment-friendly climate, adding that foreign investors are waiting.
Tawfik stressed that it’s time for the private sector to take over the economic development movement and expand opportunities, thus enhancing the flow of foreign investments to the Egyptian market.