Hassan El-Khatib, Minister of Investment and Foreign Trade, said that the government is working to attract more investments and foster the role of the private sector as a major engine of innovation and economic growth. He added that the private sector is the backbone of the Egyptian economy, and the government prioritises the partnership between the public and private sectors and its role in creating new job opportunities, and achieving sustainable development.
The Minister made that statement during his participation in the Private Sector Participation Annual Conference, organized by the Center for International Private Enterprise (CIPE), to discuss the importance and role of the private sector in the upcoming period, and how to empower it.
El-Khatib said that the priority sectors for investment were industry, health, agriculture and investment. He noted that other promising sectors included renewable energy (hydrogen production and energy storage), solar energy technology, microchip production, data centres, and outsourcing services.
El-Khatib pointed out that the state is trying to diversify export markets, as part of the strategy to expand Egyptian markets in Africa, Europe, Asia and North America to reach $145bn worth of annual exports. The government is also working to strengthen global trade relations, focusing on Egypt’s efforts to promote the African Continental Free Trade Agreement (AfCFTA), as well as with the European Union and other global partners. The state is also working to reduce trade barriers, simplify customs procedures and improve the logistics infrastructure to connect Egypt to global markets and benefit from its strategic location as a gateway to Africa, Europe and the Middle East, according to El-Khatib. Additionally, he explained that Egypt is striving to enhance its position as a leading global power in the production and export of green hydrogen, through the National Low-Carbon Hydrogen Strategy. This strategy is an essential part of Egypt’s vision to shift towards renewable energy. It depends on utilizing Egypt’s solar and wind energy resources, which makes it ideally positioned to become a global hub for the exporting of hydrogen to European and Asian markets.
El-Khatib also pointed out that Law No. 2 of 2024 was passed and entered into force in January 2024. It is a comprehensive legal framework to support green hydrogen projects, providing financial incentives and facilities to encourage investments in this sector. The law also allows projects to obtain the golden licence, a single permit for all implementation and operation stages.
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