Cairo: Egypt's Minister of Investment and Foreign Trade, Hassan el-Khatib, announced plans to transform the nation into a competitive, private-sector-driven economy while aiming to double foreign direct investment. Speaking on Friday, el-Khatib emphasized the importance of foreign investment in achieving growth targets amid growing regional competition.

According to State Information Service Egypt, the minister addressed a gathering of Harvard Business School Alumni, outlining the country's economic reforms. These reforms are designed to raise GDP growth to 6-7% and enhance the business environment through coordinated fiscal, monetary, and trade policies.

El-Khatib pointed out Egypt's strategic advantages, including its geographic location, modernized infrastructure, and access to free trade agreements with over 70 countries. The minister identified key sectors for foreign investment as labor-intensive and export-oriented industries such as textiles, food processing, agribusiness, logistics, and light manufacturing.

The minister also mentioned that customs clearance times have been reduced from 16 days to 5.8 days, with a future goal of two days. Additionally, a new export subsidy program aims to process dues within 90 days, further supporting foreign investment and economic growth.