Latest news with #HassanEl-Khatib
Daily News Egypt
18-06-2025
- Business
- Daily News Egypt
Egypt targets top 50 global business readiness ranking with key reforms
Egypt's government is targeting a position among the world's top 50 economies for business readiness and has set a three-month deadline to implement the required reforms, the country's investment minister said. Minister of Investment and Foreign Trade, Hassan El-Khatib, made the statement during the second meeting of the National Committee for the 'Business Ready' report. The meeting was hosted by the ministry and attended by Cairo Governor Ibrahim Saber and other relevant government bodies. The committee reviewed the findings of the second report issued by its technical secretariat and discussed institutional participation indicators. 'The government is targeting a position among the world's top 50 economies for business readiness,' El-Khatib said, stressing the need to implement the required measures within three months. He emphasised the need for all sectors to participate effectively by completing the report's questionnaires to ensure a realistic and effective assessment of the business environment. He noted that the required procedural reforms are not complex and can be implemented immediately, which would create a significant shift in the country's competitiveness. The minister also stressed the importance of turning current challenges into genuine reform opportunities, pointing toEgypt's existing strengths. He cited the country's advanced infrastructure, including ports and railways, a clear plan for expansion into African markets, a highly skilled workforce and engineering talent, and the availability of renewable energy sources. For his part, Cairo Governor Ibrahim Saber affirmed the governorate's full readiness to cooperate with the Ministry of Investment and Foreign Trade to address any challenges that may hinder the implementation of the targeted reforms. The meetings of the National Committee for the 'Business Ready' report are part of a state-wide effort to enhance the readiness of its institutions to apply international business standards. The initiative aims to coordinate between different government agencies and integrate their roles to build a flexible and effective institutional system capable of keeping pace with global developments and improving Egypt's investment climate.
See - Sada Elbalad
18-06-2025
- Business
- See - Sada Elbalad
UK Launches 'Green Growth' Campaign in Egypt to Boost Climate Cooperation
By Ahmad El-Assasy The British Embassy in Cairo has officially launched the 'Green Growth' campaign, a high-impact initiative aimed at accelerating climate cooperation and unlocking sustainable economic potential between the United Kingdom and Egypt. The campaign was inaugurated in the presence of Egypt's Minister of Investment, Engineer Hassan El-Khatib, alongside senior officials from the Financial Regulatory Authority, the General Authority for Investment, the Federation of Egyptian Industries, and the Ministries of Finance and International Cooperation. Running through to COP30 in November 2025, the campaign sets out three core objectives: Reinforcing Egypt's leadership on global climate action Opening new trade and investment partnerships with UK businesses Deepening cooperation on Egypt's green transition The UK seeks to support Egypt's pivotal role in the global shift towards green energy. Through joint expertise, the partnership aims to help achieve both Egypt's national climate goals and broader international targets. This collaboration has already seen Egypt engaged in major UK-hosted summits, including the IEA's Future of Energy Security forum, and will intensify in the lead-up to COP30. The UK also plans to support Egypt's green policy frameworks by sharing its world-leading experience in regulatory reforms, carbon markets, network management, and sectoral capacity building. Technical cooperation will further extend to food security and water resilience, enabling Egypt to better adapt to the consequences of climate change. On the trade and investment front, both countries have set an ambitious goal of securing $500 million in green investments over the next six months. The UK government and private sector have already invested more than $1 billion in Egypt's renewable energy sector, recognizing the country's vast potential. As part of this green investment drive, the British International Investment (BII)—the UK's development finance institution—announced a total of $305 million in new support for renewable energy projects in Egypt. On June 16, BII confirmed its participation in building Africa's largest onshore wind farm, a 1.1 GW project in Egypt's Suez region. The institution will contribute nearly $190 million to the project, which is backed by a global alliance of development lenders. The wind farm is expected to significantly reduce Egypt's reliance on natural gas, aligning with its green energy transition. Just a day earlier, BII also pledged $115 million as part of a $479 million funding package for Obelisk Solar Power, aimed at developing Egypt's first utility-scale solar + battery storage plant. Located in Nag Hammadi, the project will deliver 1.1 GW of photovoltaic energy with 200 MWh of storage capacity and is set to begin operations in 2026. British Ambassador to Egypt Gareth Bayley stated: 'The Green Growth campaign reflects our shared ambition to lead on climate action, drive sustainable investment, and build a greener, more resilient future. It not only strengthens UK-Egypt climate goals but also creates new opportunities for innovation, cooperation, and prosperity.' Sherine Shahdy, BII's Egypt Country Director, added: 'Investments in the Obelisk and Suez projects are pivotal steps toward clean energy in Egypt. These projects will not only generate power but stimulate economic growth, create jobs, and deliver reliable energy for communities. BII is proud to be leading this transformational shift.' The campaign builds on the strong climate ties established during COP26 in Glasgow and COP27 in Sharm El-Sheikh, which marked a turning point in UK-Egypt climate diplomacy. Since then, the UK has committed over $250 million to Egypt across technical and financial assistance programs, infrastructure development, and multilateral advocacy. 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Daily News Egypt
03-06-2025
- Business
- Daily News Egypt
Egypt unveils comprehensive new export rebate programme
Investment and Foreign Trade Minister Hassan El-Khatib, along with Finance Minister Ahmed Kouchouk, has announced the full details of Egypt's new export subsidy rebate programme for the fiscal year 2025/2026. The ministers emphasized the government's commitment to building a modern and responsive support mechanism, aligned with Egypt's ambitious export growth objectives. The design of the new scheme drew upon international best practices, extensive public consultations, and a series of expert workshops. Export councils, industrial chambers, and stakeholders from across the economic spectrum were engaged through surveys and technical sessions to assess the performance of the current programme and gather proposals for improvement. This process informed the creation of an economic model to guide sectoral prioritization and fund allocation, in coordination with all relevant government entities. All export councils were actively involved in shaping the new framework. Their input was incorporated to address prior challenges, with funding tailored to each sector's unique priorities and characteristics. Intensive consultations were held with 13 export councils representing a wide range of industries—including chemicals and fertilizers, furniture, agriculture, textiles, pharmaceuticals, printing and packaging, home furnishings, ready-made garments, engineering, building materials and metals, food products, leather goods, and handicrafts. This next-generation export rebate programme stands out for its integrated approach. It situates export support within a broader national strategy aimed at improving the investment climate and enhancing overall economic competitiveness. The government has paired this programme with key policy reforms, such as a flexible exchange rate, targeted tax incentives, a reduction in non-tax financial burdens, accelerated customs procedures, and the adoption of 29 measures designed to streamline foreign trade. Finance Minister Kouchouk noted that bolstering exports is a central pillar of Egypt's fiscal strategy, particularly in sectors with high productivity and value-added potential. A total of EGP 45bn has been allocated to the new programme—representing a significant reaffirmation of the state's commitment to private sector collaboration. Between 2019 and 2024, the government disbursed EGP 70bn in export support to more than 2,800 companies. For the current fiscal year, support payments are being processed within a maximum of 90 days—marking a first for the programme. The upcoming 2025/2026 cycle will see the programme's budget nearly doubled to EGP 45bn, including EGP 38bn allocated directly to priority sectors and EGP 7bn designated as a flexible fund. The allocation model is based on four key indicators: added value (50%), export growth rate (30%), production capacity (10%), and employment levels (10%). The scheme introduces revised eligibility standards. Core benchmarks include total export volume and added value, while additional criteria relate to participation in international trade shows, penetration of strategic markets, logistics efficiency, branding, geographic incentives, environmental sustainability, and energy performance. The weight of each criterion can be adjusted based on sector-specific needs through a flexible evaluation mechanism. The flexible EGP 7bn component will be directed toward high-potential products and sectors—initially focusing on engineering and chemicals—based on economic complexity analysis. This fund will also be used to attract global manufacturers, support top-performing Egyptian exporters, and invest in enabling infrastructure for export-led growth. Crucially, the programme is designed to be inclusive of businesses of all sizes—large, medium, and small. It provides clearly defined eligibility criteria, guarantees fast-track reimbursements within 90 days, and ensures that payments are no longer subject to deductions for outstanding tax liabilities. For the current 2024/2025 rebate cycle, which had an approved budget of EGP 23bn, disbursements have been carried out in full alignment with the allocations determined by the Ministry of Finance. For the first time, all payments were made without retroactive deductions and within the committed 90-day window. As for the EGP 60bn in outstanding arrears related to shipments prior to July 2024, the Ministry of Finance has agreed on a settlement plan. Half of the amount—EGP 30bn—will be repaid in cash to all eligible exporters over a four-year period. The remaining EGP 30bn will be settled through a clearing mechanism, offsetting exporters' obligations to the Tax Authority, Customs Authority, utility providers (electricity and gas), and the Social Insurance Fund.
Daily News Egypt
26-05-2025
- Business
- Daily News Egypt
Egypt completes first comprehensive review of non-tax fees to reduce investor burdens, increase transparency
Minister of Investment Hassan El-Khatib announced a major milestone in Egypt's ongoing economic reform agenda: the completion of the country's first comprehensive inventory of non-tax fees and financial obligations imposed on investors. Speaking at the US–Egypt Policy Leaders Forum 2025 on Sunday, he described the initiative as a key step toward easing business costs, promoting transparency, and fostering a more supportive investment environment. El-Khatib emphasized that the forum serves as an essential platform to strengthen economic ties between Egypt and the United States and to build new bridges of cooperation in a rapidly evolving global landscape. He highlighted the transformation Egypt has undergone over the past decade, particularly in infrastructure development. The establishment of new cities, expanded road networks, upgraded ports and airports, and ambitious energy projects have all contributed to a more competitive and attractive landscape for both local and foreign investment. He noted that the government's focus on clear and stable macroeconomic policies is central to its strategy to attract investment. A comprehensive package of fiscal, monetary, and trade reforms is currently being implemented with the dual goal of enhancing transparency and driving economic growth. Among the most significant of these efforts is the newly completed inventory of non-tax fees, which aims to clarify financial obligations, enhance governance, and reduce hidden costs that have traditionally burdened investors. El-Khatib explained that this reform will be implemented in two phases. The first phase targets financial burdens imposed across all sectors, including amendments to contributions such as those required by the Training and Qualification Fund. These fees, previously set at one percent of net profit, have been revised under the newly issued Labour Law to one-quarter of one percent of the minimum insurable wage. The social solidarity contribution, another key element, will now be calculated based on net profits rather than revenues. The specific percentage is currently under discussion with relevant authorities and will be announced soon. The second phase of the reform focuses on reorganizing and reducing the overall structure of non-tax financial obligations. It seeks to redefine the financial relationship between the state and investors by clearly outlining their respective rights and responsibilities throughout the entire investment period. To further support the investment climate, El-Khatib announced that a temporary investment licensing platform will be launched in the coming days, offering 389 digital services and licenses. This interim platform will be followed by the rollout of the 'Economic Entities' platform, which will streamline procedures across the entire lifecycle of a project—from establishment and licensing to operational activities. El-Khatib also addressed Egypt's foreign trade goals, affirming the government's commitment to doubling exports and increasing their contribution to GDP to 20 percent. As part of this effort, the Ministry of Investment is working closely with the Ministry of Finance to reduce customs clearance times from 14 days to just two days by the end of 2025. This ambitious target will be supported by the implementation of 29 joint measures designed to enhance supply chain efficiency and facilitate the movement of goods. The government is also actively working to eliminate non-tariff barriers that hinder trade. Trade procedures are being simplified and aligned with international standards to ensure smoother and faster flows of goods across borders. Notably, the recent approval of US safety standards for imported vehicles into Egypt marks a significant regulatory shift, expanding choices for Egyptian consumers and improving market access for international automakers. In line with Egypt's push to modernize trade regulations, El-Khatib highlighted the cancellation of the requirement for halal certification on imported dairy products, a move that aligns with global practices and has been positively received by Egypt's trading partners. To increase competition and reduce costs, the government has also opened registration for new entities authorized to issue halal certificates. Furthermore, a study is underway to reduce conformity assessment fees for food products and production facilities, easing the financial burden on exporters and encouraging fair and open access to the Egyptian market. Beyond regulatory reforms, El-Khatib spoke about Egypt's strategy to optimize public asset management through the country's Sovereign Fund. He revealed that a plan is in motion to transfer a package of state-owned assets to the fund. This transfer aims to unlock greater economic value, maximize returns, and ensure more efficient management of national resources. The Sovereign Fund of Egypt will take on a central role in overseeing the state's asset portfolio and increasing its economic returns. El-Khatib concluded by underscoring Egypt's key competitive advantages, which include its strategic geographic position connecting Africa, Asia, and Europe; free trade agreements with more than 70 countries; advanced infrastructure networks; and a young, skilled labour force of over 31 million people. Together, these factors place Egypt in a strong position to attract long-term investment and serve as a regional hub for trade and economic growth.
Ammon
20-05-2025
- Business
- Ammon
Jordan, Egypt discuss strengthening economic, investment ties
Ammon News - President of the Jordan Chamber of Commerce, Senator Khalil Al-Haj Tawfiq, and Egypt's Minister of Investment and Foreign Trade, Hassan El-Khatib, held talks in Berlin on Monday aimed at advancing bilateral economic, trade, and investment cooperation. The meeting, held on the sidelines of the 14th Arab-German Economic Forum, focused on unlocking the economic potential between the two countries by promoting strategic partnerships and facilitating joint investment ventures. According to a statement from the Jordan Chamber of Commerce, the two officials emphasized the importance of transitioning Jordanian-Egyptian relations into a comprehensive economic partnership, leveraging the long-standing ties and complementary economic strengths of both countries. Minister El-Khatib reaffirmed Egypt's commitment to encouraging private-sector collaboration and highlighted the need to build investment partnerships that serve mutual interests. He also stressed the role of the private sector in driving economic growth and job creation, calling for increased engagement between business institutions in both countries and more targeted promotion of available investment opportunities. Senator Al-Haj Tawfiq presented Jordan's Economic Modernization Vision as the country's roadmap for growth and sustainability, aimed at attracting foreign investment and expanding economic sectors. He outlined recent reforms undertaken to improve Jordan's business climate, enhance competitiveness, and facilitate investor entry. He also pointed to regional partnership initiatives between Jordan and Egypt designed to support broader economic integration, and cited the trilateral cooperation framework with Iraq as a platform for launching joint projects in infrastructure, energy, transport, and electric grid interconnection.
