Means to increase British investments in Egypt were discussed when the Minister of Investment, Dr. Mahmoud Mohieldin met His Royal Highness Prince Andrew, Duke of York and the UK Special Representative of International Trade and Investment.
The meeting discussed current British investments in Egypt and technical cooperation between Egypt and UK in areas of financial services, mortgage finance and restructuring of state-owned companies.
British investments are positioned in the first rank among foreign investments in Egypt and cover several sectors topped by the industrial, services, financial services, tourism, constructions and telecommunications sectors, Dr. Mohieldin said highlighting Prince Andrew's visit to Egypt in 2005.
Dr. Mohieldin highlighted the positive developments in the investment climate in Egypt, financial sector reform, simplifying the investment procedures along with the improved macroeconomic indicators.
The government, he added, is moving ahead on the path of reform. We will not be satisfied with what has been achieved, however, we will add more improvement to our national economy, Dr. Mohieldin explained.
The investment encouragement program undertaken by the Ministry is aimed at creating more jobs, he added.
The Minister of Investment said that the Egyptian political leadership is interested in boosting and entrenching the concept of social equity, raising standards of living, improving citizens' conditions and providing necessary resources to improve social services especially education and health.
Dr. Mohieldin added that the government is fully aware that unemployment may be solved only through investment and growth, entrenching the concept of social equity and equal opportunities, facilitating access of the less-lucky regions to more economic resources and sharing fruits of growth for all categories of the people.
Prince Andrew said that economic ties between Egypt and Britain are deep and that the British side is interested in developing economic cooperation with Egypt.
His Royal Highness offered provision of technical experience in different sectors especially the non-bank financial services, public-private partnership programs, economic housing programs and tourist housing investments. Prince Andrew encouraged different investment-related bodies to communicate with the British Embassy to develop cooperation and coordination between the two countries
Dr. Mohieldin reviewed the tangible developments in the Egyptian stock market including the establishment of the Nile Stock Exchange for Small and Medium-sized Enterprises and the Capital Market Future Development Programs. Special stock markets will be created for commodities and derivates. Market capitalization accounts for more than 100 percent of GDP, Dr. Mohieldin said.
The meeting reviewed the role of the Egyptian Authority for Investment and Free Zones (GAFI) in simplifying the investment procedures and clearing all obstacles facing investors. The meeting was attended by the UK Ambassador to Egypt, Mr. Dominic Asquith; the British Embassy Director of Trade and Investment, Mr. Keith Melville; Chairman of GAFI Board of Trustees, Dr. Zeyad Bahaa El Din; Chairpersons of GAFI, Ms. Nevin El Shafei and Ms. Wafaa Sobhy; Chairman and Vice Chairman of Cairo and Alexandria Stock Exchanges (CASE), Mr. Maged Shawqi and Dr. Mohammed Omran; Chairman of the Mortgage Finance Authority, Mr. Osama Saleh and senior officials of the Ministry of Investment.
Source: Ministry of Investment
