A Global Group Eyes Egypt’s Investment Opportunities

The Minister of Investment, Dr. Mahmoud Mohieldin had a meeting with the Senior Deputy President of Walmart Group, Mr. Michel Salab who is visiting Egypt with a delegation of the international group to consider injecting new investments in Egypt.

Mr. Salab said that Walmart Group is closely watching the developments of the Egyptian economy and therefore is interested in examining the investment opportunities in Egypt. He added that Egypt is considered a major promising market in the region and highlighted the tangible improvements in the investment climate in Egypt which turned Egypt into a business center for many international institutions.

Dr. Mohieldin reviewed the promising investment opportunities related to the group’s business. The Minister of Investment explained that the Egyptian economy could achieve a growth rate of 7 percent and that it is targeted to maintain this high rate. This growth covers multiple fields and sectors, Dr. Mohieldin noted.

Different economic policies are aimed at maintaining this rate at the medium term to create more jobs, he explained. Private investments have become a main source of economic growth, Dr. Mohieldin said. Investments of the private sector grew by 40 percent on average during the past three years, placing Egypt as the first African and the second Arab country in terms of attracting foreign direct investments, according to the UNCTAD's report.

With regards to the potential of attracting investments, the Minister of Investment said that Egypt is the top reformer of the business environment. He added that the Egyptian government is determined to continue its reform program.

Dr. Mohieldin highlighted the legislative development during the past three years which was reflected on the development of the regulatory and organizational structure of economic activities. Enforcement of corporate governance principles is ensured to protect investors’ rights and achieve the market discipline. Stability of the economic policies is a major factor to attract investments to Egypt, he added.

The Minister of Investment said efforts are currently being exerted to achieve balance in regional growth by directing more investments to the Upper Egypt and other regions with many promising investment opportunities. He added that the coming period will see the injection of more investments to the transport and infrastructure sectors to streamline the movement of trade and labor in these sectors. Dr. Mohieldin invited the group to consider the Upper Egypt in its investment plan.

The meeting was attended by the Chairman of the General Authority for Investment and Free Zones, Eng. Esam Ragab; the Vice Chairperson of the General Authority for Investment and Free Zones, Ms. Neveen El Shafea; Head of the Egyptian Commercial Office in Washington, Mr. Ashraf El Rabeay; Chairman of the Union of Chambers of Commerce, Mr. Mohammed El Masry and Chairman of the Chamber of Commerce in Cairo, Mr. Ali Mousa.