CAIRO, Sept 19 , 2018 - Minister of Trade and Industry Amr Nassar met the Head of the Egyptian-French Business Council, Fouad Younes, with whom he discussed ways the council could be effective in boosting economic relations between Egypt and France.
In a statement released by the ministry on Wednsday, Nassar said that the council was focusing on two main factors: Attracting French investments to Egypt and boosting Egyptian exports to French markets.
French investments here stand at about four billion Euros in 150 projects.
Nassar spoke of benefiting to the maximum from the council. This was especially important, he said, as Egypt represents one of the European Union’s most important trading partners.
He referred to the role of the council in supporting the flow of trade, and encouraging the French private sector to carry out new investment projects in Egypt.
The minister also said that discussions were taking place to prepare for Egyptian fashion week in 2020 so as to be one of the most significant international fashion weeks in the world.
This, he said, would contribute to promoting Egyptian trademarks.
The government aimed at restoring Egypt’s international position in the field of textiles and ready-made garments through upgrading the designs as well as the textile and clothing industry, Nassar said.
He added that upgrading the design and fashion industry in Egypt was of paramount importance because it contributes to putting Egypt on the map of the international fashion weeks which are held annually in major cities around the world.
In another development, Minister of Investment and International Co-operation Sahar Nasr on Wednsday asserted Egypt’s keenness on boosting economic co-operation with Germany and increasing German investments in the light of the strategic relations between the two countries.
“Egypt wants Germany to be one of the top countries investing in Egypt,” Nasr said during her meeting with the Director-General of the German Federal Ministry for Economic Co-operation and Development Claudia Warning and the Head of Development Co-operation with the Middle East, Klaus Kramer.
Germany, Nasr said, is now in the 20th position in terms of countries investing in Egypt with investments worth $641.4 million having 1,103 companies investing in chemicals, petroleum, communications, gas, cars and steel sectors.
“The ministry is supporting private sector investment. Therefore, legislative reforms have been made to facilitate measures for investors, including the investment law, its executive statute and modifications to the corporate and money market laws,” Nasr said.
CAIRO, Sept 16, 2018(MENA) - Investments of the Egyptian General Petroleum Corporation (EGPC) hit LE 1.9 billion during the 2017-2018 fiscal year, the petroleum minister said.
While chairing the general assembly meetings of EGPC, Petrogas, Alexandria Petroleum Company and the Egyptian Petrochemicals Company, Tareq el Mulla underlined commitment to supporting the state-owned EGPC in view of the great potentials to boost its investments in the coming period.
The minister said the petroleum sector achieved one of its main strategic goals; namely securing domestic needs of petroleum products over the past few years.
He underlined the importance of developing refining labs, improving the quality of petroleum products and upgrading petrochemical factories.
Meanwhile, EGPC Chairman Mohsen Noubi said the company has managed this year to produce 33 million barrels of oil equivalent, the highest since its establishment.
The company has also secured a surplus of 36 million barrels of oil equivalent, he said.
Petrogas Chairman Adel Showeikh said the company managed to cover the local market needs of butane gas.
He noted that the company secured about 4.2 million tons of butane gas for the local market.
Alexandria Petroleum Company Chairman Medhat Bahgat said the company refined about 4.3 million tonnes of crude oil, thus contributing to securing high quality petroleum products.
He noted that the value of the company's products is estimated at about LE50.6 billion.
Chairman of the Egyptian Petrochemicals Company Gaber Ahmed said upgrading production units had a great impact on developing the quality and quantity of the company's production which climbed to LE2.3 billion at an LE555 million uptick in comparison with the previous fiscal year.
CAIRO, Sept 4, 2018 (MENA) - Planning Minister Hala el Saeed had talks on Tuesday with South Sinai Governor Khaled Fouda on investment plans and projects due to be implemented in the governorate in the fiscal year 2018-2019 at LE1.363 billion.
The talks tackled the obstacles that may hamper the projects as well as preparations for the World Youth Forum due to be held in Sharm El Sheikh on November 3 through 6.
The total government investments in South Sinai development hit LE 1.363 billion under the FY 2018-19 plan, she said.
During the meeting, Fouda invited Saeed to visit the governorate, hailing fruitful cooperation between the governorate and the ministry.
Saeed approved channeling an additional LE15 million for finalising some electricity projects in the governorate.
Confronting the danger of floods, three dams were set up at LE 25 million in addition to 191 man-made lakes in Saint Catherine, Fouda said, noting that an additional 50 lakes are in the pipeline.
Under the development plans, roads are renovated in addition to establishing water projects and water desalination stations, digging wells, building dams, proceeding with the construction of King Salman university and upgrading schools.
CAIRO, Aug 20, 2018 (MENA) - Finance Minister Mohamed Maiet said the government is keen on implementing major projects, with investments worth LE5 billion, in the education and transport fields through the Public-Private Partnership (PPP) programme.
There is full coordination between the finance, education and higher education and scientific research ministries to speed up the implementation of these projects that will help boost Egypt's economy.
In a statement on Monday, the minister said following Eid el-Adha vacation, the PPP Central Unit, representing the Finance Ministry, will finalise procedures to establish 1,000 language schools.
The projects aim at shoring up the state plans to develop the education sector in line with President Abdel Fattah El Sisi's directives.
CAIRO, Aug 20, 2018 (MENA) - Petroleum Minister Tareq el Molla signed two agreements for oil and natural gas exploration in Sinai and the Gulf of Suez, with investments of $65 million.
The minister also signed grants worth $3.5 million.
The first agreement was signed with the state-owned General Petroleum Company (GPC) to increase the company's production in Sedr, Asal, Matarma and Karim fields in Sinai, Molla said in a statement on Monday.
The second agreement was signed with the Egyptian General Petroleum Corporation and Zaafarana Petroleum Company, Oceaneer Zaafarana, and Sahary for Oil and Gas in the Gulf of Suez, he added.
The new deals come as part of the Petroleum Ministry's efforts to increase Egypt's petroleum and gas production and reserves, Molla said.
He further noted that political stability and an investment-magnet atmosphere are important factors for attracting world companies and signing new petroleum deals.
As of June 2014 to date, 61 agreements with investments of $14 billion were signed for oil and gas exploration in Egypt.
CAIRO, Aug 1, 2018 (MENA) - Egyptian Minister of Trade and Industry Amr Nassar said on Wednesday that a delegation of major US companies will visit Cairo in October this year to get acquainted with investment opportunities in the country.
At a meeting with members of the American Chamber of Commerce in Cairo, he added that the visit is organised by the chamber in cooperation with the Egyptian-American Business Council.
The delegation will include officials representing more than 60 US companies, he added.
He pointed out that his ministry is working hard to create a suitable and attractive investment atmosphere in the Egyptian market through improving legislation on this score.
Also, the government is extending all possible support for local and foreign investors, he added.