Latest news with #El-Khatib
Egypt Today
a day ago
- Business
- Egypt Today
Egypt to showcase SDG financing model at Seville Conference: Al-Mashat to ET
CAIRO - 19 June 2025: 'There is now a global call to close the SDG financing gap through concessional tools directed at the private sector. What we're doing in Egypt, and what we will showcase this Sunday in Seville at the Finance for Development conference, is a concrete example of how a country can effectively mobilize such finance,' Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat told Egypt Today. Al-Mashat's remarks during the global launch of the UNCTAD World Investment Report 2025, held in Cairo. The minister said that the $15.6 billion in concessional development finance directed to Egypt's private sector since 2020 has been actively deployed across a wide range of ongoing projects in key industries. Responding to Egypt Today's question on how these financial flows align with UNCTAD's recommendations for emerging markets, Al-Mashat emphasized the importance of understanding that these are not just commitments, but funds already in action. 'We have issued a report that details exactly where the funds have gone—including credit lines through local banks, renewable energy projects, food processing companies, and SMEs,' she said. She also noted that the UNCTAD Secretary-General's comments in the report underscored the critical role of financing in helping countries attract investment and meet development goals. The Minister also highlighted the recent announcement of a €1.8 billion investment guarantee mechanism with the European Union, describing it as a practical instrument that supports the UNCTAD report's recommendations and broader international calls to scale up development finance for the private sector. Minister of Investment and Foreign Trade Hassan El-Khatib, also speaking to Egypt Today, emphasized the government's ongoing efforts to enhance Egypt's attractiveness to foreign investors. 'Our focus as economic ministers is to create a competitive, investment-friendly environment that encourages FDI,' El-Khatib said. 'This means accelerating policy reform and improving the ease of doing business.' He pointed to tangible progress in Egypt's digital transformation efforts. 'We've launched a digital platform that offers 89 investment-related services electronically, including company registration and access to finance. We've also signed a protocol with GAFI and other entities to launch a unified investment platform that will digitize procedures for establishing companies, issuing permits, and paying fees.' According to El-Khatib, the platform is designed to streamline regulatory procedures across more than 235 economic activities, significantly reducing bureaucratic steps. 'In one pilot case, we reduced the number of steps in the investment process from 33 to a much smaller number. We are now scaling that across additional sectors,' he said. Both ministers reaffirmed Egypt's strategic aim of positioning itself as a reliable and competitive destination for foreign direct investment, supported by robust development partnerships and a growing pipeline of investable opportunities. 'Whatever happens in the global landscape, our aim is for Egypt to stand out as a ready and attractive destination for sustainable, private-sector-led investment,' El-Khatib concluded.
Daily News Egypt
28-05-2025
- Business
- Daily News Egypt
Egypt, Belarus explore stronger trade, investment ties
Hassan El-Khatib, Egypt's Minister of Investment and Foreign Trade, met with Igor Sergeenko, Speaker of the House of Representatives of the National Assembly of the Republic of Belarus, and his accompanying parliamentary delegation to explore ways to strengthen bilateral trade and investment relations. El-Khatib welcomed the delegation's visit to Cairo, describing it as a reflection of the longstanding and mutually beneficial ties between Egypt and Belarus. He emphasized the importance of building on the strong foundations of Egyptian-Belarusian relations—anchored in mutual respect and shared strategic interests—to unlock new avenues of cooperation. During the meeting, El-Khatib reaffirmed Egypt's commitment to deepening trade and investment ties with Belarus as part of a broader national strategy to diversify global economic partnerships and open access to new markets. He praised recent positive developments in the two countries' economic relations and highlighted Egypt's interest in expanding collaboration across industrial and technological sectors. The Minister also pointed to Egypt's increasingly competitive investment climate, supported by sweeping economic and legislative reforms aimed at creating a more investor-friendly environment. He stressed that ongoing financial, monetary, and trade policy reforms are designed to ease the investor journey, boost trade performance, and reinforce Egypt's position as a regional economic hub. El-Khatib underscored several of Egypt's strategic advantages, including its skilled labor force, engineering expertise, and unique geographic location at the crossroads of Africa, Europe, and the Middle East. He also noted the country's extensive network of free trade and preferential agreements, which open access to diverse regional markets. Highlighting Egypt's infrastructure readiness, El-Khatib said the country offers well-developed logistics capabilities, including modern airports, seaports, road networks, and renewable energy sources—making it a competitive production and export base for companies targeting Europe, Africa, and the Arab world. For his part, Speaker Igor Sergeenko praised the depth of relations between Belarus and Egypt, describing his visit as a step toward elevating bilateral cooperation to new levels. He reaffirmed Belarus's view of Egypt as a key strategic partner in the Middle East and Africa. Sergeenko expressed Belarus's interest in expanding cooperation in industry, energy, and agriculture, and conveyed his country's readiness to transfer technical expertise and collaborate with Egypt in areas of mutual benefit.
Daily News Egypt
27-05-2025
- Business
- Daily News Egypt
Egypt's PM meets Samsung, stresses importance of localising advanced tech industries
Egyptian Prime Minister Mostafa Madbouly met with a delegation from Samsung Electronics on Tuesday, stressing the Egyptian government's significant emphasis on localising advanced technology industries and its openness to offering exceptional incentives for such sectors. The meeting, held at the government headquarters in the New Administrative Capital, was attended by Hassan El-Khatib, Minister of Investment and Foreign Trade. The Samsung delegation was headed by Juhan Yoon, Chief Financial Officer for Samsung's Middle East regional headquarters, and included Won Keun Kim, Chairperson of Samsung Electronics Egypt, and Siham Atta, Head of Government Relations at Samsung Electronics Egypt, along with other company officials. The Prime Minister began the meeting by welcoming the Samsung Electronics delegation. He expressed his appreciation for the strategic partnership between the government and the South Korean company, which he noted has resulted in the localisation of many advanced technological industries in Egypt. Madbouly stated, 'I was keen to hold this important meeting with the Samsung Electronics delegation, especially in light of my continuous monitoring of the company's activity in the Egyptian market. Since I assumed my responsibilities as Prime Minister, we have witnessed many important developments and achievements together, as the company began during this period to localise many of its products such as mobiles and tablets.' The Prime Minister affirmed that the Egyptian government places great importance on localising advanced technological industries. He added that the government is open to providing exceptional incentives for these types of industries, particularly those that produce large quantities with a high local component and significant export rates. Madbouly directed El-Khatib to hold intensive discussions with Samsung Electronics. These discussions are to explain the aspects related to the mechanism for granting exceptional incentives for localising advanced technological industries in Egypt, within the 7 billion Egyptian pound facility included in the new export rebate programme. During the meeting, El-Khatib reviewed the status of settling outstanding dues to exporters under the current export rebate programme, noting that an agreement had been reached on mechanisms for settling the company's arrears. El-Khatib explained that the new export rebate programme is highly ambitious and was approved last week during a cabinet meeting, following discussions with representatives of export councils. He indicated that the financial allocations for export support for the fiscal year 2025-2026, according to the new programme, amount to EGP 45bn. The Minister pointed out that the new export rebate programme includes dedicated schemes to support exports from projects located in Upper Egypt. He added that the programme, expected to be announced within days, features a significant increase in the basic percentages for all sectors and considers the specificity of each export council. Furthermore, the new programme links actual allocations to the needs of each export council instead of applying uniform rates across all sectors. The Minister of Investment and Foreign Trade confirmed that the new programme includes a new mechanism allowing for the direction of 7 billion Egyptian pounds according to specific objectives and criteria, among them supporting the localisation of advanced technology industries. 'This makes us open to the possibility of providing exceptional incentives for such industries,' he stated. Juhan Yoon, CFO for Samsung's Middle East regional headquarters, stated that Samsung Electronics is a leading global company in the manufacturing of televisions, screens, mobile phones, semiconductors, and advanced digital technologies, owning 14 factories worldwide. Won Keun Kim, Chairperson of Samsung Electronics Egypt, noted that Samsung Electronics' factory in Beni Suef is the company's first in the Middle East and Africa. The current production capacity of the factory is 6 million units annually, and it exports 85% of its television screen production to over 55 countries. Kim added that total investments in the Samsung Beni Suef factory amount to $700m, with an additional $30m invested in tablet manufacturing. The factory produces 702,000 tablets annually, which are supplied to the Ministry of Education. The facility provides 5,000 direct and indirect job opportunities. Regarding Samsung's mobile phone factory, Kim explained that mobile production began in 2023 with 1.2 million units. He pointed out that new expansions at the factory have been completed, enabling it to produce approximately 6 million mobile phones annually.
Daily News Egypt
26-05-2025
- Business
- Daily News Egypt
Egypt completes first comprehensive review of non-tax fees to reduce investor burdens, increase transparency
Minister of Investment Hassan El-Khatib announced a major milestone in Egypt's ongoing economic reform agenda: the completion of the country's first comprehensive inventory of non-tax fees and financial obligations imposed on investors. Speaking at the US–Egypt Policy Leaders Forum 2025 on Sunday, he described the initiative as a key step toward easing business costs, promoting transparency, and fostering a more supportive investment environment. El-Khatib emphasized that the forum serves as an essential platform to strengthen economic ties between Egypt and the United States and to build new bridges of cooperation in a rapidly evolving global landscape. He highlighted the transformation Egypt has undergone over the past decade, particularly in infrastructure development. The establishment of new cities, expanded road networks, upgraded ports and airports, and ambitious energy projects have all contributed to a more competitive and attractive landscape for both local and foreign investment. He noted that the government's focus on clear and stable macroeconomic policies is central to its strategy to attract investment. A comprehensive package of fiscal, monetary, and trade reforms is currently being implemented with the dual goal of enhancing transparency and driving economic growth. Among the most significant of these efforts is the newly completed inventory of non-tax fees, which aims to clarify financial obligations, enhance governance, and reduce hidden costs that have traditionally burdened investors. El-Khatib explained that this reform will be implemented in two phases. The first phase targets financial burdens imposed across all sectors, including amendments to contributions such as those required by the Training and Qualification Fund. These fees, previously set at one percent of net profit, have been revised under the newly issued Labour Law to one-quarter of one percent of the minimum insurable wage. The social solidarity contribution, another key element, will now be calculated based on net profits rather than revenues. The specific percentage is currently under discussion with relevant authorities and will be announced soon. The second phase of the reform focuses on reorganizing and reducing the overall structure of non-tax financial obligations. It seeks to redefine the financial relationship between the state and investors by clearly outlining their respective rights and responsibilities throughout the entire investment period. To further support the investment climate, El-Khatib announced that a temporary investment licensing platform will be launched in the coming days, offering 389 digital services and licenses. This interim platform will be followed by the rollout of the 'Economic Entities' platform, which will streamline procedures across the entire lifecycle of a project—from establishment and licensing to operational activities. El-Khatib also addressed Egypt's foreign trade goals, affirming the government's commitment to doubling exports and increasing their contribution to GDP to 20 percent. As part of this effort, the Ministry of Investment is working closely with the Ministry of Finance to reduce customs clearance times from 14 days to just two days by the end of 2025. This ambitious target will be supported by the implementation of 29 joint measures designed to enhance supply chain efficiency and facilitate the movement of goods. The government is also actively working to eliminate non-tariff barriers that hinder trade. Trade procedures are being simplified and aligned with international standards to ensure smoother and faster flows of goods across borders. Notably, the recent approval of US safety standards for imported vehicles into Egypt marks a significant regulatory shift, expanding choices for Egyptian consumers and improving market access for international automakers. In line with Egypt's push to modernize trade regulations, El-Khatib highlighted the cancellation of the requirement for halal certification on imported dairy products, a move that aligns with global practices and has been positively received by Egypt's trading partners. To increase competition and reduce costs, the government has also opened registration for new entities authorized to issue halal certificates. Furthermore, a study is underway to reduce conformity assessment fees for food products and production facilities, easing the financial burden on exporters and encouraging fair and open access to the Egyptian market. Beyond regulatory reforms, El-Khatib spoke about Egypt's strategy to optimize public asset management through the country's Sovereign Fund. He revealed that a plan is in motion to transfer a package of state-owned assets to the fund. This transfer aims to unlock greater economic value, maximize returns, and ensure more efficient management of national resources. The Sovereign Fund of Egypt will take on a central role in overseeing the state's asset portfolio and increasing its economic returns. El-Khatib concluded by underscoring Egypt's key competitive advantages, which include its strategic geographic position connecting Africa, Asia, and Europe; free trade agreements with more than 70 countries; advanced infrastructure networks; and a young, skilled labour force of over 31 million people. Together, these factors place Egypt in a strong position to attract long-term investment and serve as a regional hub for trade and economic growth.
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
U.S.-Egypt Policy Leaders Forum Kicks Off in Cairo with Strong Emphasis on Investment, Private Sector Empowerment
Ahmed Emam The U.S.-Egypt Policy Leaders Forum kicked off in Cairo, bringing together top government officials and senior executives to advance economic cooperation and investment opportunities between the two nations. The two-day forum, hosted at the Four Seasons Nile Plaza, features the participation of Egyptian Prime Minister Dr. Mostafa Madbouly, nine cabinet ministers — including the full economic team — and the head of the General Authority for the Suez Canal Economic Zone. Leading the discussions was Minister of Investment and Foreign Trade Eng. Hassan El-Khatib, who delivered a keynote address outlining Egypt's bold reform agenda aimed at enhancing the country's investment climate and empowering the private sector as a driver of sustainable growth. 'The business environment in Egypt is becoming increasingly stable and attractive for American investors,' El-Khatib stated. 'Our government is committed to building a predictable, transparent ecosystem that encourages long-term investments.' He detailed a suite of recent economic reforms, including the adoption of a flexible exchange rate, regulatory streamlining, and the launch of a pilot digital platform offering over 380 licensing services to facilitate business operations. El-Khatib also announced that Egypt will soon unveil a new trade policy by the end of June, designed to reduce foreign trade transaction costs and time by up to 75%, positioning Egypt more competitively on the global stage. The minister highlighted measures to modernize Egypt's tax system, reduce non-tax burdens on companies, and consolidate fee-collecting agencies to reduce bureaucracy and improve transparency. Furthermore, he noted that Egypt has recently approved the recognition of U.S.-certified Halal certificates and slashed related fees by up to 50% to streamline market access for American goods. Reaffirming Egypt's commitment to free trade and private sector engagement, El-Khatib said the government is transferring state-owned assets to the Sovereign Fund of Egypt to maximize their value and create new public-private partnerships, in line with the structural reform agenda. 'Egypt is a uniquely positioned investment hub with modern infrastructure, a skilled labor force, and a diversified economy,' El-Khatib said, citing over \$550 billion invested in infrastructure over the past decade. He pointed to promising sectors such as renewable energy, healthcare, tourism, and information technology as priority areas for collaboration. The forum hosts a high-level U.S. delegation comprising 79 executives representing 51 major American companies, alongside representatives from the International Finance Corporation (IFC), the International Monetary Fund (IMF), and the World Bank. The event reflects the strategic depth of U.S.-Egypt relations and underscores the shared commitment to strengthening direct dialogue between policymakers and investors. As Egypt advances its reform program, the forum serves as a platform to explore new avenues for trade, investment, and economic partnership. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
