Egypt is seeking a 7.6% economic growth rate in the upcoming stage, said Minister of Foreign Trade and Industry Mounir Fakhry Abdel Nour on Monday. He said the decisions taken in recent months to reduce energy subsidies contributed to the increase in financial allocations to education, health and infrastructure. This was the government's intention, as it will include low-income and poverty-stricken Egyptians within its plan to achieve economic and social justice. Abdel Nour said the government is currently preparing for March's Economic Summit in Sharm El-Sheikh, which will host major international and regional investment companies. International government representatives and organisations will also be present at the summit, which is a great opportunity to assert Egypt's political and economic recovery on the international map, he added. Abdel Nour said the government is committed to reviewing all regulations related to investments in Egypt to eliminate bureaucracy and create a convenient climate for foreign investments in the Egyptian market. The current regulations provide obstacles to investments, especially with Egypt's plans to execute a number of mega national projects. The most important of these is the development of the Suez Canal axis, and the infrastructure projects for developing roads, ports, and airports. He also described the US companies' delegation visit to Egypt as an important gesture, following a decree related to the new pricing strategy on energy, which opens the gates to renewable energy projects in the country. The Ministry of Electricity is currently reviewing offers received from different investors to participate in these projects, in light of the government's efforts to resolve deficiencies in the energy sector. These were brought about by the decrease in the number of investments in the oil and gas sector and the dependence on the two as primary energy resources. The government aims to encourage the use of new and renewable resources, such as wind, solar and coal energy, as main the sources of energy in a number of heavily-consuming industries, in accordance with the required environmental conditions. Speaking on the Egyptian-American trade relations, Abdel Nour said that investments declined from $8bn annually to $7.5bn, which should be reconsidered since the US is an important commercial partner to Egypt. He noted that coordination between the two sides is required to restore commercial and economical relations in a way that would be of benefit to both countries. In this context, the minister sent an invitation to the US companies' delegation to attend the Economic Summit in March. Deputy Under-Secretary for International Trade with the US Department of Commerce, Kenneth Hyatt, affirmed that the US delegation visiting Egypt represent prominent companies in the infrastructure and energy sector. The delegation seeks to acquire knowledge on investment in the infrastructure, renewable energy, and water sectors in Egypt in the next period, as well as the partnership opportunities available. The visit to Egypt is the third for the US commercial and investment delegation, following President Abdel Fattah Al-Sisi's visit to the US in which several meetings were held with potential investors.
