(MENAFN- The Peninsula) The Peninsula
Doha: The Qatari Businessmen Association (QBA) discussed with Counselor Mohamed Abdel Wahab, CEO of the Egyptian General Authority for investment and Free Zones (GAFI), ways to develop the investment cooperation between the two countries, in the presence of H E Amr El Sherbini, the Ambassador of the Arab Republic of Egypt to Doha, where the two sides agreed to the importance of organising visits for the Qatari business community to Egypt and vice versa, to discuss investment opportunities on ground.
From the Qatari Businessmen Association sheikh Faisal bin Qassim Al Thani, QBA Chairman headed the meeting. From QBA members: Sheikh Faisal bin Fahad Al Thani, Khaled Al Mannai, Salah Al Jaidah, Faisal Abdullah Al Mannai, Muhammad Khalid Al Rabban, Ibrahim Al Jaidah, Maqbool Khalfan, Abdullah Al Kubaisi, Youssef Ibrahim Al Mahmoud, and Ihsan Walid Alkhiyami, also Rashid Al Mansori, CEO Amaal and Tarek Al Sayed CEO Artic attended the meeting.
The CEO of GAFI reviewed the investment opportunities of interest to Qatari investors, which are aligned with the economic directions of the two countries, especially in the sectors: chemical and petrochemical industries, financial services, logistics, real estate development, tourism, technology, agriculture, and other productive sectors.
The CEO of GAFI Abdel Wahab said:“The Egyptian economy enjoys many competitive elements, on top of which are the investment and trade agreements that Egypt signed with the African and Arab neighbors during the past years, the economic reform program that the Egyptian government has efficiently implemented, and the huge investments in infrastructure that have contributed to improving the business environment in Egypt, as well as many new investment facilities and incentives approved by the Prime Minister to attract more local and foreign investments.”
Counselor Abdel Wahab said that attracting investments requires searching for solutions to all the challenges and obstacles facing investors, and that the Egyptian Investment Authority, in accordance with the law, will solve all problems, adding:“We are keen on the speedy settlement of various disputes, as it starts first with friendly ways and then referral to the committee in the event that the conflicting parties do not agree, according to the decision of the Prime Minister, the new law protects investors and it is necessary to resolve any dispute within a maximum period of one month.” He said,“We offer special incentives and the golden card to the Qatari investor.”
During the meeting, Sheikh Faisal bin Qassim Al Thani stressed out the importance of economic cooperation between the two countries, praising the experience of economic reform implemented by Egypt over the past years, and encouraging Qatari companies to study promising investment opportunities in Egypt.“The private sector is an important investor in Egypt, and we are discussing more investments soon,” he said.
Sheikh Faisal added:“Mutual economic opportunities are multiple between Qatar and Egypt to develop their cooperation in the trade and investment sectors, which contributes to strengthening their economy and forming a strong alliance capable of facing international challenges. In addition to the importance of Qatari investments in Egypt to support the two countries' economies, the Egyptian labor in Qatar is considered One of the most prominent supporters of Egypt's economy. About 300,000 Egyptian workers work in Qatar and transfer about $1.3bn annually to their country.
Sheikh Faisal stressed that the economic opportunities in Egypt are great, and the Gulf countries are among the first investors there, and accordingly Qatar has this potential, and the opportunity is available to invest in agriculture, energy, tourism, food security and food industries, in addition to investments in water, communications and information technology, as well as in the real estate sector.
Abdel Wahab presented a specific set of investment opportunities to representatives of the Qatari Businessmen Association to study and choose appropriate projects for each investor according to his priorities, noting that it was agreed with the CEO of Qatar National Bank to form a working group to follow up and present opportunities periodically to Qatari companies interested in implementing new investments in Egypt or the expansion of existing investments. He also agreed with the Qatari Businessmen Association to form a mini-working group to study investment projects, whether in Egypt or Doha. He called on the members of the association to visit Egypt next September, the beginning of the government's transfer of its headquarters to the new administrative Capital, which is also full of many important opportunities.
The investment opportunities between the two countries vary in the sectors of food and medicine production, logistics services, agriculture, water, energy, information technology, and other opportunities that ensure the diversity and competitiveness of the economies of the two countries and raise their standard of living.
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