According to Finance Minister Mohamed Maait, the Egyptian government wants to provide a stimulating and attractive environment for local and foreign investment to deepen its partnership with the private sector, especially with the development movement Egypt is witnessing.
Maait’s comments came Monday during a meeting with Osama bin Ahmed Al-Naqli, the Saudi ambassador to Cairo, who was also attended by Hossam Hussein, the adviser to the finance minister for Foreign Relations; and Nasreen Lashin, the head of the Investors Support Unit.
“This one [attractive business environment] will ultimately help develop production, strengthen the structure of the national economy and create more employment. As a result, the standard of living of citizens will improve, as well as the quality of service provided to them,” said Maait.
The Minister noted that the evolution Egypt is currently undergoing in its institutional and legislative structure – in particular in the modernization and automation of tax and customs systems – is in line with international standards to facilitate the service to business, save time and effort to save, and overcome obstacles. It also promotes internal and external trade and encourages investment in various sectors.
In addition, the state aims to open broad investment horizons for Saudi investors and take advantage of the investments offered by the Saudi Public Investment Fund (PIF) to lay the foundation for comprehensive and sustainable development.
Al-Naqli, for his part, emphasized his government’s willingness to increase the volume of Saudi investment in Egypt in light of the promising investment opportunities offered by the Egyptian government.
He also emphasized the interest shown by the PIF as an investment arm of the Saudi government to work in Egypt and neighboring countries to consolidate economic cooperation with Egypt and other countries.
Both sides reaffirmed the strength of strategic relations between the two countries and the commitment of the political leadership in both countries to strengthen and deepen relations to ensure closer ties and take bilateral cooperation to different levels.