Trade and Industry Minister Mounir Fakhry Abdel Nour said that foreign direct investment in Egypt increased by 7.9 percent, from US$3.8 billion in 2013 to $4.1 billion in 2014, and that the government aims to increase it to $15 billion by 2018.
The statement came during the minister’s a speech at the opening of the Egyptian-Spanish business forum organized by the Spanish Confederation of Employers’ Organizations (CEOE) in Madrid.
The minister pointed out in a statement on Thursday that a delegation of major Spanish companies will participate in Egypt's economic summit in March as part of the Spanish ministerial delegation chaired by Minister of Industry, Energy and Tourism José Manuel Soria and State Secretary for Trade Jaime García-Legaz.
He said Spain is Egypt’s fourth largest European trading partner, as Spanish exports to Egypt increased to more than one billion euros by November 2014, and as the trade volume between the two countries until that date reached 1.6 billion euros, with Egypt's non-oil exports to Spain rising by 16 percent in 2013.
He added that the government introduced major reforms to promote economic growth and investment, most notably raising electricity prices gradually over five years to save funds from subsidies and redirect them towards social programs, as well as reducing fuel subsidies, which caused LE50 billion in savings.
He said the new investment law is expected to be issued within a few days in order to facilitate regulations and laws for investment in Egypt and offer new incentive packages to foreign investors.
The minister signed an agreement to form a joint business council to strengthen bilateral trade and economic relations and establish investment partnerships between the private sectors. The Egyptian trade and industry minister will choose the members of the Egyptian side and the Spanish state secretary for trade will choose the members of the Spanish side of the council, which will convene every year, alternating between Spain and Egypt.
