Omani Minister of Commerce: Egypt provides strong investment incentives

The Minister of Trade, Industry and Investment Promotion of the Sultanate of Oman, Qais bin Muhammad Al-Youssef, stressed the strength of relations between Egypt and the Sultanate of Oman, which are based on a long history of strategic cooperation between the two countries and the two brotherly peoples.

The minister pointed out that the Egyptian-Omani Business Forum contributed significantly to giving an impetus to the levels of economic and investment cooperation between the two countries.

Investment opportunities offered by the Egyptian market

Al-Yousef praised the incentives and investment opportunities offered by the Egyptian market at the present time, pointing out the necessity of forming a working team from the Egyptian and Omani sides to discuss investment opportunities and commercial and industrial cooperation between the two countries.

Engineer Ahmed Samir, the Egyptian Minister of Trade and Industry, held an expanded session of discussions with Qais bin Muhammad Al-Youssef, Minister of Trade, Industry and Investment Promotion in the Sultanate of Oman. The meeting dealt with the exchange of views on issues of common interest at the bilateral and Arab levels and reviewed ways and possibilities of strengthening joint economic relations.

152 investment opportunities

The Egyptian Minister of Trade and Industry said that the meeting reviewed investment opportunities and components in the Egyptian market and the possibilities of translating these opportunities into concrete investment cooperation projects in partnership with investors from the Sultanate of Oman in particular and the Arab Gulf countries in general.

He pointed out that the Ministry identified 152 investment opportunities with the aim of localizing them to meet the needs of the national industry, the local market, and export to foreign markets.

Attract more investments

Over the past 9 years, Egypt has adopted an ambitious plan to increase trade and attract more investments to the Suez Canal Economic Zone, and to make the Suez Canal Zone the most important economic zone in Africa and the world. Egypt worked hard to achieve this and conclude many agreements with major industrial countries. At the forefront are Russia and China, to establish economic zones and giant industrial projects on the areas on both sides of the canal, which is considered the fastest sea corridor linking Asia and Europe.

$1.3 billion in 4 months

For his part, the Executive Director of the General Authority of the Suez Canal Economic Zone, Ahmed Saad, said that the Suez Canal Economic Zone attracted investments worth $1.3 billion during the first 4 months of the current fiscal year 2023/2024 (the period from July to the end of last October).

Saad added in television statements that the Suez Canal Economic Zone aims to attract investments ranging between $3.9 billion and $4 billion by the end of the current fiscal year, which begins in Egypt from the beginning of July 2023 to the end of June 2024, adding, “Most of the investments that Egypt attracted are from Europe and East Asia.” And China."

“The Suez Canal Economic Zone is mainly interested in the Chinese market, so it will organize 3 visits to it during 2024.” This comes as China is considered the largest country exporting investments.

He stated that Egypt's hosting of the climate summit at the end of 2022 helped the authority promote investments in the Suez Canal Economic Zone.