Egyptian President Abdel Fattah el-Sisi called on Qatari businessmen yesterday to visit Egypt and explore the investment opportunities available in all economic sectors of the country.
Speaking at the inauguration of the Qatari-Egyptian Businessmen Forum, which was attended by HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani, el-Sisi said various economic sectors, such as the agricultural, commercial, real estate, and industrial sectors are open for investment, whether in partnership with the government or with the Egyptian private sector.El-Sisi expressed willingness to provide real investment opportunities for the Qatari private sector, reviewing in this context Egypt's measures to modernise 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.
The president also pointed out that the Egyptian economy managed to achieve positive growth rates even during tough periods.For his part, HE Sheikh Mohamed bin Hamad bin Qassim al-Thani said the Qatari-Egyptian Businessmen Forum represents the culmination of an exceptional and distinguished phase in the historical relations between both countries.The minister said bilateral trade co-operation witnessed “a notable and growing development” amid the recovery of the global economy from the repercussions of the Covid-19 pandemic and the historic visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to Cairo in June, which represents a starting point and a solid foundation for further co-operation in the course of bilateral relations.Sheikh Mohamed said co-operation 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’ banking, financial services, industry, construction, hospitality, and other vital sectors. He lauded joint efforts and continuous co-ordination between both sides for further future investments.The minister 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.He also highlighted the leading position of Qatar as one of the attractive investment destinations in the region and the world based on its developed legislative and administrative systems, which guarantee 100% foreign ownership of various economic and commercial activities, as well as provide a powerful infrastructure that meets all the needs of investors.On the sidelines of the meeting, the Qatari Businessmen Association (QBA) led by its Chairman, HE Sheikh Faisal bin Qassim al-Thani, and key members of Qatar’s business community met with el-Sisi and his accompanying delegation.Also present in the meeting were QBA second deputy chairman Sheikh Dr Khalid bin Thani al-Thani; QBA board members Sheikh Hamad bin Faisal bin Thani al-Thani; Sheikh Nawaf bin Nasser al-Thani; Sherida al-Kaabi, and Saud al-Mana; QBA members Khalid al-Mannai; Nasser Suleiman al-Haider; Sheikh Faisal bin Fahd al-Thani; Salah al-Jaidah; Ashraf Abu Issa; Sheikh Mohamed bin Faisal bin Qassim al-Thani; Abdul Salam Issa Abu Issa; Abdullah al-Kubaisi; Nabil Abu Issa; Faisal al-Mana; Ramez al-Khayyat; Dr Mohamed Althaf; Ihsan al-Khyiami; Yousef al-Mahmoud, and QBA deputy general manager Sarah Abdullah.During the meeting, Sheikh Faisal thanked el-Sisi, the Egyptian government, and its people for protecting Qatari and Arab investments during the pandemic despite its negative impact on the business sector. He said these investments were able to maintain their position in the market and add job opportunities.Sheikh Faisal mentioned the various Egyptian delegations that QBA 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 major projects, such as the New Administrative Capital, ports, road networks, and the facilities provided by their government to foreign investors.He said, “We, in the State of Qatar, highly value our economic partners around the world, and in this context, we invite investors to take advantage of the promising opportunities and the business environment provided by the Qatari economy, which offers different investment incentives with the new investment law that allows 100% foreign ownership, in addition to the logistical advantages, such as the single window, Qatar Free Zones, Hamad International Airport, and Hamad Port.”Egyptian Minister of Planning and Economic Development Dr Hala el-Said reviewed the Egyptian development experience by setting a long-term economic reform programme and developing infrastructure by pumping up to $400bn worth of investments and enacting legislations that help advance the development and attract investments.She said that the average growth in Egypt reached 6.6%, 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 and build an infrastructure capable of attracting major international companies.El-Said said the ministry launched environmental sustainability standards that adhere to in presenting the investment plan, pointing out that the state achieved 30% of the green projects in the investment plan during the past year. It is targeted to reach 40% in the 2022-2023 plan and 50% by 2024-2025.She also indicated several sectors that her country will prioritise in the coming period, such as the agricultural sector, food industries, communications, information technology, pharmaceutical industries, and electronic industries.Sheikh Dr Khalid lauded bilateral relations between Qatar and Egypt, stressing that el-Sisi’s visit will pave the way for new investments for the private sector in Egypt, especially as it is the largest Arabic market. He also welcomed Egyptian investors wishing to invest in Qatar, which offers great incentives to foreign investors.Sheikh Hamad ensured Qatar’s keenness to develop economic and commercial co-operation with the Egyptian business community and to develop joint investments that would support the economic development process in the two brotherly countries.Sheikh Nawaf underscored the high demand for Qatari and Egyptian investments, referring to Qatari private sector investments in Egypt in tourism and real estate. He also said the next stage will witness studies of new projects in the Egyptian market.Al-Kaabi spoke about the depth of the bilateral relations between the two countries, stressing that trade between Doha and Cairo increased to QR166mn this year and is expected to increase again compared to previous years.He also welcomed el-Sisi’s invitation to visit Egypt and study the investment opportunities, especially after the Egyptian government adopted a promising reform programme.Al-Mana stressed that the historic visit of el-Sisi will open new horizons for Qatari and Egyptian businessmen to co-operate, especially in trade and investment sectors, which opens the door for Qatari and Egyptian companies to discuss the establishment of alliances and economic and commercial partnerships, as well as joint projects, whether in Qatar or in Egypt.Al-Haider underscored the importance of the Egyptian market, citing major reforms, which are attractive to foreign investors. This would prompt businessmen to cooperate with the Egyptian private sector and discuss trade and investment opportunities.