CAIRO, AUG 13 (SEE) Chairman of the Egyptian Chamber of Commerce and President of the Egyptian-European Business Council, Mohamed Abou El-Enein held a meeting on Monday with the Federation of Chambers of Commerce, the Egyptian-European Business Council, and the Businessmen Association.
Abou El-Enein confirmed that the investment climate in Egypt is witnessing an upward trend and the investment opportunities have become persified.
He said that investment opportunities in Egypt are increasing due to the political will and economic reform that aims at making the Egyptian economy a role model.
He added that Egypt has the potential and opportunities to attract more investments in all sectors. ''Egypt has human and intellectual resources that can contribute to the establishment of new industries with a focus on specialized industrial zones,'' he said.
Abu Al-Enein pointed out that the new administrative capital will be integrated with the industrial zone west of the Suez canal.
He pointed out that there are new projects in the petrochemical industry, stressing that for the first time the state is interested in achieving a surplus in gas production, in addition to the investments opportunities in Upper Egypt's Golden Triangle.
Abu Al-Enein stressed that the new investment law facilitates the issuance of licenses, eliminates bureaucracy and gives the investor the ease of settling disputes and a safe exit from the market.
"I witnessed an experience in Malaysia under Prime Minister Mahathir Mohamad, which touched upon the popular mobilization and the great cohesion of Malaysians from all sectors under Vision 2020," he said.
"The government did not adequately promote the vision 2030, the potential of Egypt is great, and we need to market Egypt well," he added.
Abu Al-Enein concluded that he received various investment offers from Arab and African countries, with promises of unprecedented incentives, however, he preferred to invest in his country Egypt.
For his part, Former Speaker of the parliament, Ahmed Fathi Sorour stressed that investment leads to development, emphasizing that it is the right of investors to talk about the obstacles facing them.
He said that economic development must lead to the social development and that for investment to continue, there must be security and stability, as well as the need for legislation that facilitates procedures and an environment favorable to investment, pointing out that economic development and social protection are two sides of the same coin.
Sorour explained that investment is a foreign policy issue and it is essential to have a foreign investor. The presence of this investment will lead to an increase in cooperation between nations. "If we welcome investors from the United States, for instance, Americans will initially protect their investments, and thus protect ours too," he said.
Sorour concluded his speech by pointing out that investing in culture, for instance, is investing in building the minds of nations, and not only for achieving financial returns.
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