Egyptian Minister of Investment and Foreign Trade, Hassan El-Khatib, has met with a delegation from the World Bank Group to discuss the frameworks for economic cooperation and to review the country's ongoing economic, structural, and institutional reform programmes. During the meeting, El-Khatib affirmed the importance of linking investment and trade as two fundamental pillars for enhancing economic development, the ministry said in a statement. He also noted the strategic role of The Sovereign Fund of Egypt in maximising returns on state-owned assets. The minister outlined the economic vision currently being adopted by the government, which is based on clear, long-term policies aimed at achieving growth and sustainability through a balanced mix of monetary, fiscal, and trade policy reforms, stimulating investment, and enhancing partnership with the private sector. El-Khatib said the government is implementing a package of reforms, highlighting the progress made in tax reforms and their positive impact on investor confidence. He added that these reforms are coupled with efforts to reduce non-tax financial burdens on investors by restructuring fees and gradually integrating them into a unified digital platform. Digital transformation is a cornerstone of improving the investment environment, El-Khatib stated. He pointed to the launch of a unified licensing platform, which in its first phase includes 389 licenses from 41 government agencies, and the ongoing efforts to launch the "Economic Entities Platform" as a unified digital interface for investors. The minister also explained that Egypt is implementing a comprehensive national plan in preparation for the World Bank's "Business Ready" report. A matrix of 209 reforms has been prepared based on a gap analysis, which is expected to enhance Egypt's chances of advancing to the top 50 countries in global competitiveness indicators. El-Khatib noted that the average customs clearance time has been reduced from 16 days to just 5.8 days, with a target of reaching two days by the end of the year. He also described the new export subsidy programme as a "smart and flexible tool" designed to increase local content and create incentives for high-complexity industries. For the first time, Egypt has formulated a National Trade Policy to serve as a strategic direction for trade, aiming to enhance trade openness, increase export capacity, and integrate into global value chains. The minister also presented the features of a new strategy for attracting foreign direct investment, which includes identifying investment priorities in 13 economic sectors. The World Bank delegation included Abdulaziz Al-Mulla, World Bank Group (WBG) Executive Director for Bahrain, Egypt, Jordan, Iraq, Kuwait, Lebanon, and the Maldives.
