Arab Finance: Dr. Mostafa Madbouly, Prime Minister, delivered a speech during his participation, on behalf of His Excellency President Abdel Fattah El-Sisi, President of the Republic, in the opening session of the eighth edition of the conference.Future Investment Initiative“Which is hosted by the Kingdom of Saudi Arabia during the period from October 29 to October 31 of this month.
The Prime Minister explained that the first axis for achieving comprehensive development is to strengthen the role of the private sector, noting that the Egyptian state attaches great importance to the role of the private sector in leading the economic development process and achieving national priorities and plans, adding: In this regard, the Egyptian government has recently taken a set of steps. Ambitious measures to improve the investment climate, empower the private sector, and remove obstacles facing investors. Perhaps the most prominent of these steps is setting a maximum limit on government investments with the aim of providing more opportunities for the private sector, in addition to unifying the exchange rate and granting a golden license to investors to ease the procedures for establishing projects. And continuing to implement the government proposals program within the framework of the state ownership document.
He continued: This is in addition to implementing new tax policies aimed at simplifying tax application procedures. And work to unify collection agencies; And accelerating procedures for settling tax disputes. The reforms undertaken by the Egyptian government also included adopting a new program to support exports, as well as launching a national strategy for industry aimed at achieving a boom in the national industry by increasing the local component and attracting new investments in a number of important industries such as the electric car industry.
Dr. Mostafa Madbouly explained that the second axis that the government is working on to achieve comprehensive development is the advancement of the energy sector in the country, noting that, there is no doubt, the future of sustainable development in the world is linked to the issue of energy security, especially in light of the challenges associated with the gap between the energy sources available from… On the one hand, and energy needs on the other hand.
He added: From this standpoint, Egypt seeks to diversify energy sources and enhance their efficiency, and to transform into a regional center for energy export by stimulating direct investments in this important sector, in parallel with establishing partnerships with brotherly and friendly countries, especially in the field of new and renewable energy.
The Prime Minister continued during his speech: It gives me great pleasure to witness what has been achieved today in terms of partnership between Egypt and Saudi Arabia in areas related to energy security and diversification of its sources, referring to the electrical interconnection project between Egypt and Saudi Arabia, which aims to produce three thousand megawatts of electricity in two phases.
Dr. Mostafa Madbouly explained that the third axis is the axis of transportation and urban development, pointing out in this context that Egypt has pumped huge investments in recent years to develop infrastructure and build new and smart cities, as well as to develop the transportation system and ports in various parts of the country, in line with plans and goals. The ambitious Egyptian company is to maximize the benefit of Egypt's strategic geographical location.
He added, in this context, that Egypt has built more than 20 new cities, led by the Administrative Capital and New El Alamein City, as all of these cities follow standards of sustainability and technological progress. The government has also launched a strategy to develop transportation based on several axes, the most prominent of which is upgrading the infrastructure. Transport infrastructure through establishing road networks, developing the railway and river transport sector, modernizing and developing sea ports, as well as launching the “Sustainable Development Strategy for Maritime Transport”.
He stressed that there is close Egyptian-Saudi cooperation in the fields of transportation and port connectivity, and that there is a common desire between the two countries to become a regional center for logistical transportation and supply chains.
Dr. Mostafa Madbouly expressed Egypt's appreciation for signing the “Agreement to Encourage and Protect Mutual Investments between the Two Countries” and agreeing to form the Egyptian-Saudi Supreme Coordination Council, which confirms the two countries' desire to raise the level of investment cooperation to broader horizons.
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