Hassan El Khatib
During an economic summit in Düsseldorf, officials from both countries announced an ambitious goal to boost trade to €9 billion by the end of 2024, a €2 billion increase from the current level of €7 billion.
The meeting highlighted a shared commitment to enhancing trade relations and fostering new avenues for collaboration, with both leaders emphasizing the importance of joint ventures and investments.
El Khatib highlighted Egypt’s competitive advantages as a prime destination for Saudi investments, citing the availability of a skilled workforce, competitive wages, advanced infrastructure, reliable energy resources, and extensive free trade agreements
El-Khatib shared these insights during his meeting with Spain’s Ambassador to Egypt, Alvaro Iranzo.
Minister El Khatib also emphasized that these agreements are designed to align with Egypt’s broader goals of sustainable development, ensuring fair dispute resolution, and balancing rights and obligations
He reaffirmed the government’s dedication to addressing these issues and finding solutions through the economic group.
This project, set to begin operations in early 2026, aims to export all production to European and American markets, targeting annual exports of around €250 million.
The new facility, occupying 150,000 square meters, is anticipated to create approximately 3,000 direct job opportunities, solidifying Egypt's position as a global hub for automotive wiring harness manufacturing.
The minister highlighted Egypt's economic reforms and the government's commitment to improving the business climate and facilitating foreign trade.
As one of only three Japanese firms granted this license, Otsuka has set a standard for foreign companies interested in the Egyptian market.
The minister led a comprehensive meeting to discuss the customs release process and the inspection of imported goods with representatives from various ministries and relevant authorities.
With French investments in Egypt totaling €7 billion across 180 projects, France is recognized as one of Egypt's largest investors, explained El Khatib. contributing to approximately 50,000 jobs in various sectors, including manufacturing and telecommunications
El-Khatib emphasized that this new vision is designed to enhance confidence among both local and foreign investors.
He reaffirmed the Egyptian government’s commitment to tackling the remaining 25 percent of issues to enhance the investment climate further.
A key condition is that exporters must deposit their export proceeds into local banks, which will manage their foreign currency needs
Egypt’s food industry is a significant player in the economy, accounting for 14 percent of the country’s total exports, explained Minister of Investment and Foreign Trade Hassan El Khatib on Monday.
El-Khatib further highlighted that British investments in various sectors, including petroleum, financial services, communications, and industry, had amassed to $21.5 billion by June 2024.
The CEO of Saint-Gobain emphasized the company's commitment to being a significant partner in Egypt's ambition to achieve $145 billion in annual exports.
The investment minister also disclosed that they anticipate a growth rate of 5.5 percent in the coming FY, with projections at 6.5 percent by 2030
The Alexandria Free Zone hosts 417 projects, making it Egypt's largest and most export-orientated free zone
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