Latest news with #El-Khatib
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Italian firms eager to invest in Egypt across multiple sectors: Italian ambassador
Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib met with Italian Ambassador to Cairo Michele Quaroni to discuss ways to strengthen economic cooperation and boost Italian investments in Egypt, reflecting the strong strategic partnership between the two countries. El-Khatib stressed that the Ministry of Investment and Foreign Trade attaches great importance to creating an attractive investment climate and offering facilitation measures for Italian investors. He noted that a comprehensive action plan is being implemented to unlock new avenues for Italian investment. This includes engaging with the Italian business community to showcase cooperation opportunities, streamlining investment procedures, and providing full support. The minister added that these efforts come at a time when Egypt is extending unprecedented support to the private sector and encouraging foreign companies to expand their investments in the Egyptian market. He pointed out that the state has enacted a series of economic reforms in recent years aimed at improving the business environment, simplifying customs procedures, and reducing clearance times to further facilitate investment. El-Khatib also highlighted several sectors of mutual interest that offer promising opportunities for collaboration, including the green economy, water desalination, recycling, and key priority industries. For his part, Ambassador Michele Quaroni expressed Italy's appreciation for the Egyptian government's efforts to enhance the investment climate. He affirmed that continued coordination with the Ministry of Investment and Foreign Trade would pave the way for deeper cooperation and open new opportunities for Italian investors, particularly in sectors that align with Italy's priorities. Quaroni noted that many Italian companies are keen to invest in Egypt across various fields, praised the Ministry's commitment to supporting existing Italian businesses operating in the country, and expressed interest in exploring the possibility of organising a promotional visit to Italy to present recent developments in Egypt's business environment and investment opportunities.
See - Sada Elbalad
06-07-2025
- Business
- See - Sada Elbalad
Turkey's KCG Textile Launches $24 Million Expansion in Egypt's 10th of Ramadan Industrial Zone
Nada Mustafa Turkish textile company KCG has announced a new $24 million investment in Egypt's 10th of Ramadan Industrial Zone, continuing its long-standing operations in the country. The groundbreaking ceremony, held on July 6, 2025, was attended by Egypt's Minister of Foreign Trade and Investment, Hassan El-Khatib, Chairman of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, and Turkish Ambassador to Cairo, Salih Mutlu Şen. KCG's latest investment is expected to create approximately 500 new jobs for Egyptians, bringing the company's total workforce in Egypt to around 2,300. The new factory is scheduled to begin operations in October 2025. KCG, which has been operating in Egypt since 2007, currently employs around 1,800 Egyptians and produces a wide range of textile products, including window fabrics, bed linens, decorative pillow covers, tablecloths, upholstery fabrics, shower curtains, and garment textiles. The company has sales offices in United States (US), United Kingdom (UK), China, Turkey, and Egypt. With a total investment in Egypt reaching $65 million, KCG aims to increase its annual export value to $100 million. The new investment will also include the production of apparel items for global brands and markets. During the ceremony, speeches were delivered by El-Khatib, Şen, and KCG owner Yılmaz Küçükçalık. For his part, Turkish Ambassador welcomed the expansion of Turkish investments in Egypt, highlighting the geographical, cultural, and social proximity between the two countries, as well as the strength of their transportation networks and Egypt's favorable investment environment. Moreover, he emphasized that the natural and strategic ties between Egypt and Turkey make Egypt a key destination for Turkish investors. Şen also added that bilateral trade and Turkish investment in Egypt will continue to grow, calling this development 'inevitable.' Furthermore, Turkish ambassador noted that free trade agreements and shared infrastructure mean Turkey is set to remain among Egypt's top three foreign trade partners. He also stressed the importance of peace, stability, and development in the region, underlining that economic cooperation remains a priority for Turkey's approach toward Egypt. In conversations with El-Khatib, Şen praised the efficiency of Turkish companies in launching their operations, with El-Khatib agreeing and noting the high speed and quality associated with Turkish investments. Looking ahead, KCG also plans to launch a new investment in Egypt in 2026, further deepening its presence and contribution to Egypt's textile industry. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Daily News Egypt
23-06-2025
- Business
- Daily News Egypt
Egypt, China agree to boost economic ties, organise investment forum
Egypt and China have agreed to strengthen economic cooperation in key sectors such as electric vehicles, electronics, and artificial intelligence, and will coordinate to organise an investment promotion forum in Egypt, the Egyptian Investment Ministry said in a Monday statement. The agreement came during a meeting in Beijing between Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib and Chinese Commerce Minister Wang Wentao. The two sides agreed to enhance cooperation in several fields, including electric cars, feeder industries, electronics, water desalination, solar panels, and artificial intelligence. They also agreed to collaborate on strengthening supply chains. Chinese Commerce Minister Wang Wentao praised the bilateral trade volume, which has reached $17bn, affirming that China remains Egypt's largest trading partner. He highlighted successful investment cooperation in the TEDA-Suez zone, which has attracted significant Chinese investment, alongside major projects implemented by Chinese firms, including the Iconic Tower and Central Business District in the New Administrative Capital, the electric train, and renewable energy projects. Wang also stressed his keenness to enhance cooperation in e-commerce, infrastructure, and renewable energy. For his part, Minister El-Khatib emphasised the importance of maximising the strategic partnership through joint investments, particularly amid global economic fluctuations. He promoted Egypt's competitive advantages, including its strategic location and numerous trade agreements, which position it as an ideal hub for production and export for Chinese companies seeking access to regional and global markets. El-Khatib said he looked forward to an expected visit by the Chinese Premier to Egypt next month, which he said would be an opportunity to translate agreements into tangible projects. He also noted Egypt's commitment to improving its investment climate and adhering to World Trade Organization rules. During the meeting, El-Khatib reviewed the outcomes of the ninth session of the Egypt-China joint committee held last December and proposed that the tenth session be held in Egypt this year. He stressed the importance of increasing the trade volume to reflect the depth of the two countries' economic ties.
Egypt Today
19-06-2025
- Business
- Egypt Today
Egypt to showcase SDG financing model at Seville Conference: Al-Mashat to ET
CAIRO - 19 June 2025: 'There is now a global call to close the SDG financing gap through concessional tools directed at the private sector. What we're doing in Egypt, and what we will showcase this Sunday in Seville at the Finance for Development conference, is a concrete example of how a country can effectively mobilize such finance,' Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat told Egypt Today. Al-Mashat's remarks during the global launch of the UNCTAD World Investment Report 2025, held in Cairo. The minister said that the $15.6 billion in concessional development finance directed to Egypt's private sector since 2020 has been actively deployed across a wide range of ongoing projects in key industries. Responding to Egypt Today's question on how these financial flows align with UNCTAD's recommendations for emerging markets, Al-Mashat emphasized the importance of understanding that these are not just commitments, but funds already in action. 'We have issued a report that details exactly where the funds have gone—including credit lines through local banks, renewable energy projects, food processing companies, and SMEs,' she said. She also noted that the UNCTAD Secretary-General's comments in the report underscored the critical role of financing in helping countries attract investment and meet development goals. The Minister also highlighted the recent announcement of a €1.8 billion investment guarantee mechanism with the European Union, describing it as a practical instrument that supports the UNCTAD report's recommendations and broader international calls to scale up development finance for the private sector. Minister of Investment and Foreign Trade Hassan El-Khatib, also speaking to Egypt Today, emphasized the government's ongoing efforts to enhance Egypt's attractiveness to foreign investors. 'Our focus as economic ministers is to create a competitive, investment-friendly environment that encourages FDI,' El-Khatib said. 'This means accelerating policy reform and improving the ease of doing business.' He pointed to tangible progress in Egypt's digital transformation efforts. 'We've launched a digital platform that offers 89 investment-related services electronically, including company registration and access to finance. We've also signed a protocol with GAFI and other entities to launch a unified investment platform that will digitize procedures for establishing companies, issuing permits, and paying fees.' According to El-Khatib, the platform is designed to streamline regulatory procedures across more than 235 economic activities, significantly reducing bureaucratic steps. 'In one pilot case, we reduced the number of steps in the investment process from 33 to a much smaller number. We are now scaling that across additional sectors,' he said. Both ministers reaffirmed Egypt's strategic aim of positioning itself as a reliable and competitive destination for foreign direct investment, supported by robust development partnerships and a growing pipeline of investable opportunities. 'Whatever happens in the global landscape, our aim is for Egypt to stand out as a ready and attractive destination for sustainable, private-sector-led investment,' El-Khatib concluded.
Daily News Egypt
28-05-2025
- Business
- Daily News Egypt
Egypt, Belarus explore stronger trade, investment ties
Hassan El-Khatib, Egypt's Minister of Investment and Foreign Trade, met with Igor Sergeenko, Speaker of the House of Representatives of the National Assembly of the Republic of Belarus, and his accompanying parliamentary delegation to explore ways to strengthen bilateral trade and investment relations. El-Khatib welcomed the delegation's visit to Cairo, describing it as a reflection of the longstanding and mutually beneficial ties between Egypt and Belarus. He emphasized the importance of building on the strong foundations of Egyptian-Belarusian relations—anchored in mutual respect and shared strategic interests—to unlock new avenues of cooperation. During the meeting, El-Khatib reaffirmed Egypt's commitment to deepening trade and investment ties with Belarus as part of a broader national strategy to diversify global economic partnerships and open access to new markets. He praised recent positive developments in the two countries' economic relations and highlighted Egypt's interest in expanding collaboration across industrial and technological sectors. The Minister also pointed to Egypt's increasingly competitive investment climate, supported by sweeping economic and legislative reforms aimed at creating a more investor-friendly environment. He stressed that ongoing financial, monetary, and trade policy reforms are designed to ease the investor journey, boost trade performance, and reinforce Egypt's position as a regional economic hub. El-Khatib underscored several of Egypt's strategic advantages, including its skilled labor force, engineering expertise, and unique geographic location at the crossroads of Africa, Europe, and the Middle East. He also noted the country's extensive network of free trade and preferential agreements, which open access to diverse regional markets. Highlighting Egypt's infrastructure readiness, El-Khatib said the country offers well-developed logistics capabilities, including modern airports, seaports, road networks, and renewable energy sources—making it a competitive production and export base for companies targeting Europe, Africa, and the Arab world. For his part, Speaker Igor Sergeenko praised the depth of relations between Belarus and Egypt, describing his visit as a step toward elevating bilateral cooperation to new levels. He reaffirmed Belarus's view of Egypt as a key strategic partner in the Middle East and Africa. Sergeenko expressed Belarus's interest in expanding cooperation in industry, energy, and agriculture, and conveyed his country's readiness to transfer technical expertise and collaborate with Egypt in areas of mutual benefit.
