H.E. Dr. Al-Mashat holds an extensive meeting with the US Chamber of Commerce, attended by a distinguished group of investors and companies from various sectors.
Minister of Planning, Economic Development, and International Cooperation:
* The government has implemented structural reforms to enhance competitiveness and strengthen macroeconomic stability.
* We invite US companies to take advantage of investment opportunities in the Egyptian market.
* We are working with the World Bank and relevant authorities to develop a strategy to encourage foreign direct investment.
* Despite the impact of regional tensions, Egypt is determined to bolster economic stability and prepare the economy for local and foreign private sectors.
* We are implementing programs with the International Finance Corporation to enhance private sector participation in priority development sectors.
* Egypt’s accession to the BRICS group adds a new dimension to its international partnerships, fostering economic development and addressing emerging challenges.
* We are working towards integrating local resources and international partnerships to advance economic development efforts in Egypt.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, called upon US companies and investors to learn about the constructive economic and structural reforms undertaken by the government to enhance macroeconomic stability, aiming to increase investment partnerships between the two countries and strengthen efforts supporting development in Egypt while opening significant avenues for American companies across various fields.
This statement came during H.E.’s participation in an extensive meeting with the US Chamber of Commerce in Washington, within the 2024 Annual Meetings of the World Bank Group, alongside Minister of Investment and Foreign Trade, Hassan Khateeb, Minister of Finance, Ahmed Koshok, Ambassador Motaz Zahran, Egypt’s Ambassador to the United States, Vice President at the US Chamber of Commerce Khush Choksy, Executive Director for the Middle East, Steve Lutes, and Assistant to CEO of the AmCham in Egypt, Hisham Fahmy.
The meeting featured constructive discussions between the Egyptian delegation and a select group of US companies and investors eager to learn about the current economic situation in Egypt.
H.E. Minister Al-Mashat highlighted the ambitious structural reforms that Egypt has implemented over recent months in collaboration with development partners such as the World Bank, the European Union, the African Development Bank, and the United Kingdom to enhance competitiveness, improve the business environment, and strengthen macroeconomic stability.
H.E. Dr. Al-Mashat explained that the structural reform program is being implemented through integrated efforts with various international parties and national entities, based on three main pillars: enhancing macroeconomic resilience, creating a conducive business environment to attract investments, and transitioning to a green economy. H.E. noted the positive impacts of these reforms on several aspects, including supporting competitiveness, improving the business environment, enhancing public financial efficiency, and establishing a debt ceiling, ultimately contributing to greater economic stability.
H.E. Dr. Al-Mashat emphasized the Egyptian state’s commitment to achieving policy integration to strengthen economic development efforts and foster constructive partnerships between the public and private sectors, while allowing for local and foreign investment. H.E. mentioned the ministry’s coordination with the World Bank and relevant authorities in Egypt to develop a national strategy for foreign direct investment that identifies national priorities, aiming to build a competitive economy attractive to investments and leverage Egypt’s substantial economic advantages.
H.E. Minister Al-Mashat also discussed ongoing efforts with the International Finance Corporation to enhance partnerships with the private sector in priority sectors, such as health, to utilize its capabilities for improving the system and enhancing services provided to citizens.
H.E. Dr. Al-Mashat reaffirmed that despite the escalating geopolitical tensions in the region, Egypt is determined to enhance macroeconomic stability through promoting reforms and improving the business environment to attract investments across various sectors.
H.E. Minister Al-Mashat highlighted the Ministry of Planning, Economic Development, and International Cooperation’s efforts to achieve integration with development partners, capitalizing on each partner’s comparative advantages. H.E. noted that Egypt’s accession to the BRICS group adds a new dimension to its international partnerships, promoting economic development and enabling it to address developmental challenges, alongside coordinating and integrating local resources with international partnerships to advance economic development efforts in Egypt.
