Hassan El-Khatib, Minister of Investment and Foreign Trade, has highlighted the ministry's achievements in 2024, alongside its affiliated entities and sectors aimed at boosting both local and foreign investments, as well as enhancing Egypt's exports to global markets. El-Khatib emphasized that the ministry is focused on creating a more competitive and attractive investment climate for both domestic and international investors. This is achieved through a supportive institutional and legislative framework, the improvement of business conditions, the simplification of procedures, and addressing obstacles faced by investors. These efforts are part of a broader strategy to attract investment across various production and service sectors. He also noted the ministry's continuous efforts to encourage Egyptian exports and improve their global competitiveness through better trade policies and the implementation of effective mechanisms for foreign trade development. These initiatives align with the state's goal of increasing annual exports to $145bn. Among the major achievements in 2024, over 1,000 industrial investment opportunities were offered across 17 industrial zones in 14 governorates, facilitated through cooperation between the General Authority for Investment and Free Zones (GAFI) and the Industrial Development Authority (IDA). In addition, more than 450 industrial land plots were made available through the investment map's online platform, Egypt's primary tool for promoting investment. The adoption of electronic signature technology further accelerated the digital transformation of investment services, expanding its use. This year also saw GAFI signing several agreements to attract foreign direct investment, including partnerships with HSBC Bank Egypt and Crédit Agricole Egypt. A memorandum of understanding (MoU) was signed with the Egyptian Junior Business Association to promote local and international investments and to support small and medium-sized enterprises (SMEs) in accessing investment opportunities. Additionally, a cooperation agreement with the African Development Bank led to a Programme aimed at enhancing the entrepreneurial ecosystem, offering training and consultations to 600 entrepreneurs across 17 governorates. Further agreements were signed, including an MoU with Belarus' National Agency for Investment and Privatization to strengthen bilateral investment cooperation and a similar agreement with the UK's Foreign, Commonwealth & Development Office to boost investment and trade relations. In a bid to support startups and entrepreneurship, the ministry launched the Entrepreneurship and Startups Unit, accompanied by a dedicated online platform. Additionally, a training Programme on Egypt's investment climate and business environment was initiated, alongside a training awareness Programme for leaders in the Ministry of Public Business Sector and its subsidiaries. Notably, Egypt hosted the British-Egyptian Business Forum on Infrastructure Investment, which was attended by 30 British companies. Efforts to facilitate investment for Egyptians abroad were expanded during the fifth edition of the "Egyptians Abroad" conference, themed "From the Mother of the World to the World." Key initiatives included eliminating bureaucratic obstacles, reducing the need for certain documents previously required from companies, and enhancing collaboration with the IDA and the New Urban Communities Authority on land allocation. A joint committee comprising GAFI, free zones, and governorates was also established to identify and promote investment opportunities at the local level. Additional agreements were signed between the Entrepreneurship Unit and the Electronics Research Institute to support tech sector startups. Collaboration with India was also initiated to connect entrepreneurial platforms in both countries. The year was marked by several milestones, including the signing of an agreement with Maxim Investment Group to establish Egypt's first therapeutic tourism resort, which is set to become a global destination and a sustainable source of foreign currency. Additionally, Egypt's first fully Vietnamese-invested factory was inaugurated, with an initial investment of $30m to produce 300,000 tonnes of petrochemicals annually. In terms of exports, Egypt's commercial representation offices abroad played a key role in boosting non-oil export growth in 2024. These offices facilitated around 960 export opportunities for Egyptian businesses, with an estimated value of $2.3bn, promoting various products to international markets. Finally, the Export Support Fund's seventh initiative for the immediate payment of exporters' dues was implemented in 2024, with EGP 16.2bn disbursed. Additional payments for exports shipped after July 1, 2024, are currently being processed, following Cabinet approval on December 4, 2024.
