Egypt targets social stability not only investments: Minister

CAIRO - 12 September 2017: Egypt's ultimate objective is not only attracting investment but also achieving economic growth and social stability through labor-intensive projects, Minister of Investment Sahar Nasr said Tuesday.

Nasr made the statements during a conference organized by the American Chamber of Commerce Tuesday in Cairo, under the title of “Embracing the Future: Unlocking Egypt's Investment Potential”.

"I see the Suez Canal Economic Zone as the key driver for foreign investment in the country, and we have made some progress in that through signing a number of agreements recently," Nasr added.

The conference was attended by leading private sector companies in the country such as Emaar Misr, Jones Lang Lasalle, Majid Al-Futtaim, Apache Egypt, Barclays Bank, Commercial International Bank (CIB) and Abu Dhabi Islamic Bank.

During her speech, Nasr talked about the New Investment Law, stating that it provides insurance and guarantees for investors, "by issuing this law, we can say that we moved forward on the legislative side, but we know this is not sufficient," she said.

The Egyptian government has also issued the Industrial Permits Act, which Nasr said will facilitate business procedures, "we have also launched the Investors Service Center to reduce bureaucracy for investors," Nasr said.

President of the American Chamber of Commerce in Egypt, Tarek Tawfik, said during his speech that Egypt and the U.S. have always enjoyed positive economic relations, adding that American companies are considered key partners of the country's economic development.

"On the trade side, trade volume between both countries registered $5 billion in 2016," Tawfik said, noting that the New Investment Law will encourage new U.S. companies to enter the market.