El-Sisi highlights private sector's role in economic development and export growth
El-Sisi's remarks came during a meeting with Prime Minister Mostafa Madbouly, Deputy PM for Industrial Development and Minister of Transport and Industry Kamel Al-Wazir, Minister of Finance Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan El-Khatib.
According to the Egyptian presidency, the meeting reviewed the Sovereign Fund of Egypt (TSFE) 's efforts to maximise returns from state-owned assets and efforts to forge strong partnerships with the private sector.
The meeting also discussed the efforts to implement the Initial Public Offering (IPO) programme in accordance with the outcomes of the State Ownership Policy Document.
Launched in 2022, the State Ownership Policy Document is a long-term strategy that entails the partial or full withdrawal of the state from more than 79 industries to double the private sector's share of the economy to 65 percent.
The 2023 IPO programme under the State Ownership Policy Document aims to offer 35 governmental companies to investors to generate $5 billion in revenue.
Accelerating investment growth
During the meeting, President El-Sisi reviewed the government's efforts to improve the business climate and attract more domestic and foreign investments.
The ministers presented the status of procedural burdens on investors along with a proposed plan to ease these burdens, including unifying collection entities and launching a platform for economic entities.
In this regard, El-Sisi gave directives for replacing fees currently charged by various entities and authorities with a unified additional tax on net profits.
He underscored the need to create a more competitive investment environment whereby investors experience tangible and rapid improvements in business operations through simplifying procedures and reducing financial burdens.
According to the Central Bank of Egypt (CBE), Egypt's foreign direct investment (FDI) inflows surged unprecedently to $46.1 billion in FY 2023/2024, compared to $10 billion in the previous year.
This surge was primarily attributed to the $35 billion Ras El-Hekma deal, which marks the largest FDI in Egypt's history.
Efficient trade facilitation
According to the Egyptian presidency, the meeting also explored efforts to reduce customs clearance times to lower the average clearance period from eight to six days.
These efforts include maintaining customs services during official holidays and Fridays, and enabling the payment of fees after regular banking hours.
The meeting also addressed the components of the new export support programme, which aims to enhance the national industry and increase Egyptian exports to global markets.
In this respect, President El-Sisi stressed the importance of aligning the programme's components with the state's targets for increasing exports by 2030.
According to Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib, Egyptian exports reached an all-time high of $40 billion in 2024.