Wed, 20 Sep 2023 - 11:23 GMT
Wed, 20 Sep 2023 - 11:23 GMT
Egypt's Immigration Minister Holds Consultative Meeting for "Egyptians Abroad Investment Corporation"
CAIRO - 20 September 2023: Egypt's State Minister for Immigration and Egyptian Expatriates Affairs, Ambassador Soha Gendi, recently chaired a video conference with the members of the founding council for the "Egyptians Abroad Investment Corporation".
This meeting was also attended by numerous Egyptian businessmen based in Kuwait. Dr. Fakhry Al-Fiqi, the head of the Planning and Budget Committee of the House of Representatives and a former International Monetary Fund expert, Dr. Saber Soliman, Assistant to the Minister of Immigration for Institutional Development, Ambassador Osama Shaltout, Egypt's ambassador to Kuwait, and Ambassador Ahmed Badioui, Trade Commissioner at the Egyptian Embassy in Kuwait, were present.
Ambassador Gendi emphasized that the investment corporation will be fully managed by Egyptians abroad. She noted, "They possess significant expertise in the finance and business sectors, managing global companies that have succeeded in the Egyptian market."
Gendi also outlined the strategic sectors the corporation will operate in, including industrial, agricultural, technological, real estate, and commercial investments.
Highlighting the supportive stance of the Egyptian government, Ambassador Gendi referred to the recent meeting chaired by President Abdel Fattah el-Sisi, which took measures to facilitate both Egyptian and foreign investors. These decisions aim to lure more investments and empower the private sector.
Dr. Fakhry Al-Fiqi expressed his appreciation for the enthusiasm shown by this distinguished group of experts and Egyptian investors. He highlighted the strength of the Egyptian economy, noting that the government has crafted a detailed plan, which will bolster the investment climate in Egypt and attract investors from various sectors.
Dr. Hassan Al-Jarhi, a businessman from Saudi Arabia, praised Ambassador Gendi's collaboration with Egyptians abroad and her recent visit to an industrial exhibition, where she met investors eager to invest in Egypt, especially after its substantial infrastructure development.
Banking expert, Wael Hassan, pointed out that Egypt is a promising market with exceptional competitive elements. "We have an excellent workforce, good resources for investment, and the potential to maximize our foreign exchange earnings," he said. Hassan praised the infrastructure development witnessed in Egypt over the past decade, emphasizing its attractiveness to investors and the globally competitive cost of raw materials.
Ambassador Osama Shaltout extended his gratitude to the Minister for her efforts in catering to Egyptians abroad and lauded the various fruitful initiatives she has undertaken, especially the "Egyptians Abroad Cars" initiative, which resonated positively with Egyptian communities worldwide. He expressed optimism about the idea of establishing an investment company for Egyptians abroad, predicting it would attract substantial investments.
Egypt has been actively promoting investments and has initiated numerous reforms to facilitate and attract both domestic and foreign investors. The recent emphasis on collaborating with expatriates indicates the government's strategy to tap into the potential of Egyptians living abroad, harnessing their global expertise, connections, and resources for the country's economic benefit.
The move is seen as part of a broader plan to modernize Egypt's economy, diversify its investment sources, and provide more opportunities for its citizens both at home and abroad.