Egypt's Tourism, Housing, Investment Ministers Vow Support For Investors, Address Challenges In Sector

(MENAFN- Daily News Egypt) Egypt's tourism, housing, and investment ministers have pledged their full support to investors in the sector, vowing to address challenges and streamline processes to boost tourism development.

The ministers – Shereef El-Sherbiny of Housing, Utilities, and Urban Communities; Sherif Fathy of Tourism and Antiquities; and Hassan El-Khatib of Investment and Foreign Trade – met with investors on Wednesday to discuss obstacles and potential solutions. The meeting, which also included Mostafa Mounir, CEO of Egypt's Tourism Development Authority, underscored the government's commitment to fostering a thriving tourism sector.

El-Sherbiny emphasised the government's commitment to maximising tourism revenue, calling it a top priority.“The state is keen on providing full support to investors,” he said, noting that the Prime Minister has directed a ministerial group dedicated to tourism development. He highlighted the critical role of tourism in driving economic growth and creating employment opportunities.

The minister went on to announce an urgent plan to enhance the role of the General Authority for Tourism Development, aiming to attract more investment and optimise the use of Egypt's unique tourism regions. This plan, he said, will involve several key initiatives:

• Creating an electronic platform for tourism investment: This online platform aims to streamline the investment process, offering transparency and efficiency for investors.
• Updating tourist centre plans: The government will review and modernise current plans for tourist centres to ensure they meet the needs of a growing tourism sector.
• Diversifying participation mechanisms with the state: The government will explore new ways for the public and private sectors to collaborate in tourism development, allowing for greater involvement and partnership.
• Organising relationships between major developers and smaller investors: The government will work to create a more balanced ecosystem within the tourism sector, promoting collaboration and support for both large and small investors.
• Introducing new tourism products: The government will explore new and innovative tourism experiences to attract a wider range of visitors and further diversify Egypt's tourism offerings.

Fathy, the Minister of Tourism and Antiquities, focused on the need to boost hotel investment to accommodate projected increases in tourist arrivals.“The ministry is also working on offering more incentives and easing barriers to achieve the desired outcomes from this promising sector,” he said, adding that the future strategy will focus on diversifying targeted tourism markets. He emphasised that the ministry is committed to creating a more attractive investment environment, both through financial incentives and by simplifying bureaucratic processes.

El-Khatib, the Minister of Investment and Foreign Trade, highlighted the government's ambitious goal of doubling the number of tourists visiting Egypt annually.“Achieving this requires significant investments in tourism development, facilitated by investors in the field,” he said, emphasising the importance of a diverse tourism agenda. He stressed that the government is working to attract investment not just in traditional tourism sectors, but also in new areas like adventure tourism, eco-tourism, and cultural tourism.

During the meeting, investors outlined their challenges and offered suggestions. These included concerns about bureaucratic hurdles, land acquisition, and a lack of transparency in certain procedures. The ministers assured them that efforts will be made to resolve these issues, streamline processes through a one-stop-shop policy, and expedite the development of the sector.

Mounir provided an overview of the authority's current commitments, which, if fully implemented, would add approximately 270,000 new hotel rooms to the existing 104,000. He mentioned that the authority is working to fully digitise its interactions with investors, ensuring greater transparency and efficiency.

The meeting concluded with a strong message of collaboration and a shared commitment to the growth of Egypt's tourism sector. The government's focus on addressing investor concerns, streamlining procedures, and promoting a diverse tourism agenda has raised hopes that Egypt is poised for a resurgence in its tourism industry.

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