Egypt, Oman Explore Ways To Boost Investment Cooperation

11/26/2023 4:06:34 AM

(MENAFN- Daily News Egypt) Hossam Heiba, the CEO of Egypt's General Authority for investment and Free Zones (GAFI), received on Saturday Qais Al-Yousef, the Minister of Commerce, Industry, and Investment Promotion of the Sultanate of Oman, who headed a high-level delegation. The delegation included members of the Board of Directors of the Omani Chamber of Commerce and Industry, as well as Omani businessmen interested in investing in the Egyptian market.

During the meeting, Heiba discussed the key indicators of the Egyptian economy, and the developments in the business environment, especially the recent decisions issued by the Supreme Council for Investment. He also highlighted the latest economic indicators related to foreign direct investment, which have significantly increased in recent years, reaching $10bn in the fiscal year 2022/2023. He attributed this increase to the continuous improvement of the Egyptian business environment.

Heiba emphasised the political leadership's support for investment through various legislative and executive tools, including significant infrastructure improvements. He also highlighted the role of the Supreme Council for Investment, personally chaired by Egyptian President Abdel Fattah Al-Sisi, which issued 22 investment-stimulating decisions in its first meeting.

Heiba expressed his optimism about the growth of Egyptian-Omani relations shortly.

Hazem Anan, Deputy Chairperson of the Industrial Development Authority, presented the agency's experience in establishing industrial complexes for small, medium, and micro projects in various governorates of the Republic. He explained the impact of these complexes on improving the quality of Egyptian products by providing scientifically designed complexes supported by all logistical services, which attracted the interest of the Omani side.

Both parties agreed to develop an action plan for exchanging information, visits, and delegations to discuss the needs of the two markets in various sectors and activities. This aims to achieve a real breakthrough in bilateral economic relations and enhance ties between business communities in both countries.

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