Egyptian President Calls Qatari Businessmen to Invest in His Country

Egyptian President

HE President of the Arab Republic of Egypt Abdel Fattah El-Sisi called on Qatari businessmen to visit Egypt and see the investment opportunities available in all economic sectors.

Speaking at the inauguration of the Qatari-Egyptian Businessmen Forum, held Wednesday morning and attended by HE Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al-Thani, the Egyptian President said that various economic sectors such as the agricultural, commercial, real estate and industrial sectors are open to investment, whether in partnership with the government or the Egyptian private sector.

The Egyptian President expressed willingness to provide real investment opportunities for the Qatari private sector, reviewing in this context Egypt's measures to modernize infrastructure, including the establishment of road networks, power stations and modern public transportation, in addition to establishing a legal system and legislation that meet the aspirations and demands of investors and achieve growth prospects.

His Excellency pointed out that the Egyptian economy managed to achieve positive growth rates even during tough periods.

For his part, HE Sheikh Mohammed bin Hamad bin Qassim Al-Thani said that the Qatari-Egyptian Businessmen Forum represents the culmination of an exceptional and distinguished phase in the historical relations between both countries.

His Excellency said that the bilateral trade cooperation witnessed a notable and growing development in light of the recovery of the global economy from the repercussions of the COVID-19 pandemic, with the historic visit of HH the Amir Sheikh Tamim bin Hamad Al-Thani to Cairo in June representing a starting point and a solid foundation for further cooperation in the course of bilateral relations.

His Excellency stated that cooperation between Qatar and Egypt has existed for several decades, particularly in light of the intense demand by Qatari and Egyptian companies to invest in the two countries, most notably in the banking sector, financial services, industry, construction, hospitality and other vital sectors, hailing in this regard the joint efforts and continuous coordination between both sides for further future investments.

His Excellency called on the Qatari and Egyptian business sectors to take advantage of the important economic capabilities in both countries as well as the investment opportunities and incentives available to establish successful investment projects and partnerships.

His Excellency highlighted the leading position of the State of Qatar as one of the attractive investment destinations in the region and the world, based on its developed legislative and administrative systems. which guarantees foreign investors 100 percent ownership of various economic and commercial activities, as well as provides a powerful infrastructure that meets all the needs of investors.

During her intervention, Egyptian Minister of Planning and Economic Development Dr. Hala El-Said reviewed the Egyptian development experience by setting a long-term economic reform program and developing infrastructure by pumping up to USD 400 billion of investments and enacting legislations that help advance the development and attract investments.

She said that the average growth in Egypt reached 6.6 percent, driven by the high rates achieved by various economic sectors, pointing to the huge projects launched by Egypt in agriculture, building new cities, industry and others within the framework of an integrated vision to improve the standard of living of the Egyptian citizen on one hand and build an infrastructure capable of attracting major international companies on the other hand.

The Minister of Planning pointed out that the Ministry launched environmental sustainability standards that are adhered to in presenting the investment plan, pointing out that the state achieved 30 percent of the green projects in the investment plan during the past year, and it is targeted to reach 40 percent in the 2022/2023 plan, and 50 percent by 2024/2025.

The Egyptian minister indicated several sectors that her country will give priority in the coming period, such as the agricultural sector, food industries, communications, information technology, pharmaceutical industries, and electronic industries.

For his part, HE Chairman of the Qatari Businessmen Association Sheikh Faisal bin Qassim Al-Thani expressed his thanks to the Egyptian president, people, and government for protecting the Qatari and Arab investments during the COVID-19 pandemic, despite its negative impacts, as these investments managed to maintain their position in the market.

Chairman of the Qatari Businessmen Association mentioned the various Egyptian delegations that the association received this year, especially the visit of the delegations of the Egyptian General Authority for Investment and Free Zones (GAFI) and the Ministry of Industry and Trade, which briefed the business sector in Qatar on the economic renaissance that Egypt is witnessing and the giant projects such as the New Administrative Capital, ports, road networks, and the facilities provided by their government to foreign investors.

He said that Qatar values its economic partners around the world, and in this context, the association calls on the investors to take advantage of the promising opportunities and the appropriate environment provided by the Qatari economy, such as investment incentives, and the new investment law that allows 100 percent ownership in the majority of economic sectors for foreign investor, in addition to the logistical components such as the one window, the free zones, Hamad International Airport and Hamad Port.

In a related context, Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwari said that the visit of HE President of the Arab Republic of Egypt Abdel Fattah El-Sisi contributes to strengthening the bonds of cooperation and opening more channels of communication for the common benefit of the two brotherly countries.

The visit also embodies the brotherly relations between Qatar and Egypt, he added. He pointed out that the visit comes within the framework of mutual concern and common will of the two countries toward developing cooperation relations and advancing them to broader horizons in all fields, especially economics and trade.

Qatar Chamber Vice-Chairman said that the forum will launch a new phase of cooperation between the Qatari and Egyptian private sectors, and will open new horizons for Qatari and Egyptian businessmen for cooperation, adding that the road is now clear, the time is right, and the conditions are more ready than ever to strengthen the bilateral cooperation relations, especially concerning trade and investment which open the door for Qatari and Egyptian companies to discuss the establishment of alliances, economic and trade partnerships, and joint projects, whether in Qatar or Egypt, as the investment climate in the two countries is stimulating and many opportunities can be used by both sides.

(QNA)