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​Madbouly: Any Long or Medium-Term Investment in Egypt Will Have a Multiplier Effect After the Global Economy Begins to Recover Localization of Industry, New and Renewable Energy Projects, Infrastructure, Communications, Tourism and Real Estate Investment, and Partnership in the Field of Silos and Logistic Centers are our Top Priorities. We Ensure the Entry and Exit of Capital and Profits of Projects Prime Minister Calls On Investors to Communicate Directly with Him to Speed Up the Implementation of their Upcoming Projects and Remove Any Obstacles Minister of Trade and Industry: The World Map Changes During the Current Phase… This Opportunity Must Be Used in the Best Possible Way... Fortunes Are Made During Times of Crisis Chairman of Kuwait Chamber of Commerce and Industry: The Egyptian Economy Indicators Were Going Well Until the Russian-Ukrainian Crisis Occurred... Egypt Was Affected by the Crisis as well as the Whole World Prime Minister Dr. Mustafa Madbouly held a meeting at the headquarters of the General Authority for Investment and Free Zones “GAFI” with a Kuwaiti delegation that included about 45 businessmen, economists, traders and bankers, representing the majority of Kuwaiti economic sectors. The meeting was attended by Eng. Ahmed Samir, Minister of Commerce and Industry, Counselor Mohamed Abdel Wahab, GAFI CEO, Mr. Muhammad Jassem Al-Sager, Chairman of the Kuwait Chamber of Commerce and Industry and the Head of the Kuwaiti side in the Egyptian-Kuwaiti Cooperation Council, Ambassador Ghanem Saqr Al-Ghanim, the Kuwaiti Ambassador to Egypt, Mr. Mohamed Al-Masry, Vice President of the Federation of Chambers of Commerce, and Mr. Alaa Ezz, Secretary General of the Federation of Chambers of Commerce. The Prime Minister began the meeting by welcoming the Kuwaiti delegation, stressing the depth and strength of relations between Egypt and Kuwait. He referred to the mutual visits between the two countries at the leadership level, the latest of which was the visit of President of the Republic Abdel Fattah El-Sisi to Kuwait last February. Dr. Madbouly added that the multiplicity of current international challenges requires Arab countries to enhance coordination and cooperation among them to join hands together in order to confront these challenges, especially in their economic aspect; since international think tanks confirm that the conditions the world is going through now are the most difficult since World War II, as the repercussions of these crises affect all countries at all levels.

Dr. Mostafa Madbouly explained that Egypt was affected, like other countries of the world, by the current global conditions that led to the rise in energy and basic commodity prices, and despite the Covid-19 pandemic and the Russian-Ukrainian crisis, Egypt was able to overcome these two crises with minimal damage, supported by the economic reform programs. Dr. Madbouly also assured that the Egyptian citizen do not find any shortage in the supplied goods. He added that when prices rose worldwide, the government was keen not to pass all this increase on to the citizen, and the state bore the bulk of it. He continued: There is a state of uncertainty about the future of the global economic situation in such exceptional circumstances, as no one can predict what the situation will be like after a few months, stressing that any long or medium-term investment in Egypt will have a huge effect after the global economy begins to recover. He added: What happened has caused pressures on the Egyptian economy, but this crisis will pass, and we were able to overcome the Covid-19 pandemic and achieved positive growth figures compared to different countries in the world according to various specialized international institutions. The Prime Minister expressed the Egyptian government's willingness to increase the Kuwaiti investments in Egypt during the coming period, as well its keenness to strengthen partnership with the local and international private sector, especially with the state's current incentive policies that addresses the private sector. In this regard, he pointed out that the Egyptian investment law guarantees the process of entering and exiting capital and profits for projects at any time, and the government has issued the bankruptcy law to protect the investor in the event of liquidation or closure. The PM ensures to the Kuwaiti delegation the exit of capital from the Egyptian market if the investor so desires, as well he ensures the transfer of profits abroad. He added: We have taken many measures during the past year to create a business climate for investors, the most important of which is the golden license, which is issued directly from the Council of Ministers, and once obtained, the investor will not need the approvals issued by other concerned entities. The PM referred to the measures that have been taken to price lands allocated for industrial purposes in the country, and to establish projects on these lands either by the ownership system or the usufruct, explaining that in the case of the usufruct, the investor can own the land after a certain period of commencing the project, if he so desires. He continued: We have set a maximum of 20 business days to obtain all approvals and licenses for projects, and there is a committee to follow up on this matter. Another committee has been established to solve investors' problems along with other mechanisms that already exist to settle these problems, such as the standing committee in GAFI, stressing that the committee concerned with solving investor problems in the Council of Ministers addresses these problems before they escalate into disputes or arbitration cases, as this committee has already settled many problems.

In this context, Madbouly called on investors to communicate directly with him to accelerate the implementation of their upcoming projects and remove any obstacles. The Prime Minister reassured the government's keenness to increase Kuwaiti investments in Egypt, pointing out in this context that the government has an Investment Map for a large number of projects in all fields. He also stressed the importance of enhancing areas of trade exchange between the two countries. In this regard, he said: There are a number of goals and sectors that the government prioritizes during the current period, which are: localizing the industry and focusing on new and renewable energy projects, infrastructure, communications, tourism and real estate investment. The Prime Minister explained that the Egyptian government is open to embrace any partnership agreements with the Kuwaiti side in the field of silos and logistic centers. He said that these types of projects have great economic feasibility, and the government has made a remarkable effort over the past period to develop such silos and logistic centers. The Egyptian government has a top priority with regard to achieving greater rates of development, he added, explaining in this regard that we are facing challenges related to population growth and providing job opportunities for the youth. Dr. Mostafa Madbouly indicated that upon the mandates of H.E. President Abdel-Fattah El-Sisi, President of the Republic, an economic conference would be held during the current month, which will include actors in economic affairs. Madbouly tackled the "State Ownership Policy Document", which encompasses a clear policy for the State's participation in various sectors, for which a 40-session community dialogue was conducted in which about 1,000 experts and economists participated. He explained that next November, Egypt will host the (COP27) climate change conference, which would be a great opportunity to get acquainted with the most prominent projects in the field of green economy, as well as various projects in different sectors. During the meeting, Minister of Commerce and Industry Eng. Ahmed Samir, said that the Kuwaiti delegation includes representatives from the various economic sectors in Kuwait, which reflects the paramount importance of such delegation. The map of the world changes during this stage, and I am sure that such opportunity would not be repeated, the Minister added. He stressed that in times of crisis, wealth is created, and that such opportunity must be exploited in the best possible manner. Meanwhile, the Chairman of the Kuwait Chamber of Commerce and Industry Mr. Muhammad Jassim Al-Sager expressed his thanks and appreciation to the Prime Minister and the Federation of Egyptian Chambers of Commerce (FEDCOC) for the warm reception; and stressed that they have been following with interest the developments of the Egyptian Economic Reform Program since 2016. The presence of the delegation, which represents almost most sectors in the Kuwaiti economy, reflects the extent of interest in the Egyptian market.

The indicators of the Egyptian economy were going very well until the Russian-Ukrainian crisis occurred, and Egypt was affected, as the whole world was affected by this crisis, especially since the Egyptian economy depends on these two countries greatly in importing grain, and Ukrainian and Russian tourism possess a large percentage to Egypt, yet, we are confident in the ability of the Egyptian economy to recover due to its various components, he continued. For his part, Vice-President of the Federation of Chambers of Commerce (FEDCOC) Mr. Mohamed Al-Masry stressed that the invitation of the Kuwaiti delegation to visit Egypt reflects the Egyptian government's keenness to strengthen partnership with the local and international private sector, and increase its contribution to the Egyptian economy to reach 65% instead of 30% at the present time. He stressed that the file of industrial localization in the Arab region is one of the priorities of the Egyptian State in the next stage.