Cairo: Prime Minister Mostafa Madbouly affirmed the government's commitment to launching an integrated investment incentive package across various state sectors, in line with directives of President Abdel Fattah El Sisi, aimed at giving strong momentum to the main promising sectors of the Egyptian economy.
According to State Information Service Egypt, the remarks came during a meeting chaired by Madbouly to review the main features of the future vision for investment policies and incentives across different sectors. The meeting was attended by several key ministers, including Khaled Abdel Ghaffar, Kamel El Wazir, Rania Al-Mashat, Amr Talaat, Mahmoud Esmat, Ahmed Kouchouk, Alaa Farouk, Hassan El Khatib, Karim Badawi, along with deputy ministers and senior officials.
The prime minister referred to the recently announced incentives and advantages for investors, particularly the launch of the second package of tax facilitation measures by the finance minister. He stressed the importance of formulating the new investment incentives as a single, comprehensive package to be launched after being reviewed and approved by the president.
Madbouly underlined the need to present macroeconomic indicators alongside the proposed investment incentives and advantages, as well as to outline clear policies, figures, and measurable indicators to achieve sectoral targets. He directed the preparation of clear visions for the key sectors of agriculture, industry, tourism, and communications and information technology, including their plans for the next four years, in addition to setting out a vision for the energy, petroleum, and mineral resources sectors.
Wazir emphasized the necessity of activating incentives and advantages already stipulated in existing laws, alongside proposing new measures. Mashat reviewed her ministry's efforts in monitoring structural reform measures and their impact on improving the investment climate, boosting economic growth, and attracting further investments. She also highlighted potential facilitation measures for startups within the framework of the ministerial group for entrepreneurship, in addition to available concessional financing from donors and international financial institutions, particularly for renewable energy projects and public-private partnerships.
Talaat presented a set of proposed incentives for the communications and information technology sector, especially in mobile phone manufacturing, as well as tax-related incentives for freelancers working in outsourcing and software development. Esmat outlined key incentives that could be offered to investors in renewable energy projects, while the finance minister stressed the importance of developing executive plans for all proposals and enhancing inter-ministerial cooperation, reaffirming the ministry's support for initiatives promoting the transition to renewable energy for companies, individuals, and small farmers. Farouk discussed proposed initiatives to ease burdens on small farmers, particularly through the use of solar energy in agricultural mechanization to reduce fuel costs.
Khatib reviewed the Ministry of Investment and Foreign Trade's efforts to activate incentives stipulated in existing laws by raising awareness among companies, as well as measures to reduce burdens on investors. Badawi highlighted incentives granted to investors in the petroleum, natural gas, and mining sectors, which have encouraged companies to increase exploration activities to boost production and reach targeted levels. He also reviewed exploration policies and opportunities for partnerships with the private sector. Meanwhile, the assistant to the minister of tourism and antiquities for aviation and follow-up reviewed measures being taken to remove obstacles facing tourism investors, as well as efforts to develop a long-term vision for the tourism sector through 2050.