CAIRO, July 12 , 2018 (MENA) - Egypt will work on developing the technological investment zones, supporting young innovators and mechanizing investors' centres in various governorates.
Ministers Sahar Nasr of Investment and International Cooperation and Amr Talaat of Communications and IT agreed on boosting bilateral cooperation in this respect, according to a statement released by the Investment Ministry on Thursday.
The two sides also agreed on supporting young innovators in tandem with the Egyptian Entrepreneurship Investment Company (EEIC).
Nasr underlined the importance of cooperation with the Communications Ministry to mechanise services, a matter which can largely contribute to improving the investment climate and the services offered to investors in addition to raising Egypt's ranking in international indices.
She added that the two ministries would cooperate to place communication and IT investment opportunities on Egypt's investment map.
Talaat said that the communications and IT sector is rich with investment opportunities which the Investment Ministry can promote.
He stressed the importance of supporting innovation and startup companies to push forward the sustainable development process.
After the meeting, the two ministers inspected an investors' services center which offers electronic services that reduce bureaucratic measures to the minimum.
CAIRO, June 25, 2018 (MENA) - The convocation of the first general assembly of the Arab Union of Arbitration for Investment and Economic Disputes is the first step for protecting Arab investments and industries, Secretary General of the Arab Economic Unity Council Mohamed Rabei said on Monday.
Rabei lauded efforts exerted by Egyptian Investment and International Co-operation Minister Sahar Nasr to attract investments to Egypt and set up joint investments.
The assembly, which convened Sunday under head of the Egyptian Bar Association Sameh Ashour, approved the statute of the union and the formation of a consultancy board under the chairmanship of House of Representatives Speaker Ali Abdel Aal.
The union's main function will be solving disputes that may arise between businessmen, Arab and foreign investors, and institutions and companies from different countries, in accordance with international legal norms.
The union’s establishment is one of the most important steps taken by experienced arbitrators, lawyers and experts to resolve long-standing disputes outside the courts to support trade and investment in the Arab world.
The Union, which was inaugurated last month, includes two chambers for the Arab court of arbitration; one for settlement of regional disputes and the other for settlement of international disputes.
The Cairo-based union also includes a mediation chamber for small and medium-sized investments and a scientific academy that offers diploma, master's and doctoral degrees in arbitration.
Till now, it includes 14 Arab countries.
CAIRO, June 6, 2018 (MENA) - Minister of Oil and Mineral Resources Tarek el Mullah asserted that the Ministry's plan of action to develop the refining industry basically depends on accelerating the ongoing expansion projects at the refineries with investments worth more than eight billion dollars to come into operation according to schedule.
In statements during a tour of a number of oil projects in Alexandria, Mullah said the development programme will have a positive impact on increasing the performance rates of the Egyptian oil refineries and maximising their economic benefits.
The minister also said the new projects will upgrade the state refinery capabilities and provide production surplus to be used in refining the imported crude oil to produce high-quality oil products.
During the tour, the minister inspected work on a new production unit for high-octane petrol in Alexandria National Refining and Petrochemicals Company (ANRPC) with investments worth $ 233 million. The newly established unit will contribute to meeting the needs of the local market, decrease imports and provide foreign currency.
In a statement released on Wednesday, the minister pressed the need for all efforts to remove hardships facing any projects that will provide the local market with its needs of oil products.
He also inspected a new naphtha improvement unit and a fluid catalytic cracking unit, which are about to be finalised as 97.3 percent of the total construction works have already been accomplished with the aim of doubling the production of 92-octane and 95-octane petrol with an annual production rate of 850,000 tons, in addition to producing butane gas and hydrogen. The project is being carried out by Egyptian companies including the Engineering Company for the Petroleum & Process Industries (Enppi) as a public contractor and Petrojet company.
Construction is also under way in a unit for recycling industrial waste water at ANRPC with a production capacity of 1,200 cubic meters daily that will save wasted funds amounting to almost LE 25 million annually.
CAIRO, June 4, 2018 (MENA) - Trade and Industry Minister Tarek Kabil said on Monday three new factories for the production of household appliances will be inaugurated in 6th of October City within a few weeks with Egyptian-Saudi investments of up to $100 million.
In a statement by the Ministry of Trade and Industry, Kabil noted the three factories are belonging to Unionaire Group and will produce washing machines, fridges and TV screens.
This comes as a part of the ministry's efforts to promote the national industry by increasing the percentage of local components in locally-manufactured products, the statement said.
"The local component in the TV factory will reach 71 per cent," underlined the minister.
Chairman of Unionaire Group Mohamed Fatehy said the three factories would create 1,500 jobs and the industrial complex will create around 3,000 more.
CAIRO, May 28, 2018 (MENA) - President Abdel Fattah El Sisi directed Monday the government to continue its efforts to attract more foreign investment in various infrastructure sectors to boost the national economy's ability to achieve sustainable development and create job opportunities.
Sisi also directed the government to continue to improve business climate in Egypt, facilitate procedures for investors and remove any obstacles facing them.
President Sisi made the remarks during a meeting with Prime Minister Sherif Ismail and Minister of Investment and International Cooperation Sahar Nasr.
The president instructed the government to continue developing mechanisms to promote opportunities for investment in the Egyptian market, especially within the framework of the under-construction major national projects throughout the country, as well as in projects related to boosting human capacities.
Spokesman for the presidency Bassam Rady said Nasr reviewed efforts exerted by her ministry over the past period to stimulate investment and provide an investment-magnet environment, especially in the light of the legislative and legal reforms.
CAIRO, April 18, 2018 (MENA) - Chairman of the General Authority for Investment and Free Zones Mona Zobaa on Wednesday received a delegation from the Saudi Ministry of Electricity and representatives of several Saudi companies operating in the fields of new and renewable energy.
The meeting covered ways of pushing up investment co-operation between the two countries in the fields of electricity and energy.
Zobaa said that coordination is maintained between the two countries for increasing joint investments.
She also highlighted reform measures adopted by Egypt for creating a suitable investment atmosphere, pointing out that there are several investment opportunities for Saudi businessmen in various fields.
Meanwhile, the Saudi delegates lauded the reform measures adopted by the Egyptian government.
Saudi Arabia comes second on the list of countries investing in Egypt at a total value of around 6.3 billion dollars. Egypt, Saudi Arabia seek boosting joint investments.