Latest news with #HassanElKhatib
Zawya
4 days ago
- Business
- Zawya
Minister of Planning, Economic Development and International Cooperation Meets Representatives of Chinese Business Community and Investors on Sidelines World Economic Forum (WEF) Meetings in Tianjin
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held an expanded meeting with a number of leaders and representatives of the Chinese business community, with the participation of Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade. The meeting took place during her participation in the World Economic Forum's Annual Meeting in Tianjin, China, and included several CEOs from Chinese companies in the automotive, pharmaceutical, financial, and digital transformation sectors, among others. During the meeting, H.E. Minister Al-Mashat emphasized the deep and distinguished Egyptian-Chinese relations, which span decades of close cooperation based on mutual respect and common interests. She noted that the comprehensive strategic partnership between the two countries, launched in 2014, represents a successful model for South-South cooperation and contributes to achieving mutual development. H.E. Dr. Al-Mashat pointed out that in recent years, the Egyptian state has adopted an ambitious program of economic and structural reform aimed at enhancing the investment environment, stimulating private sector participation, and developing infrastructure. This creates promising opportunities for joint investment in priority sectors such as industry, renewable energy, telecommunications, technological infrastructure, and logistics. H.E. Dr. Al-Mashat reiterated that China is a key partner in this vision, as economic relations between the two countries are witnessing remarkable development, both in terms of trade volume and direct investments. She highlighted the unique investment opportunities Egypt offers, based on its distinguished geographical location, a network of free trade agreements, and legislative frameworks that support business growth. H.E. Minister Al-Mashat added that the Egyptian government seeks to strengthen cooperation with Chinese companies and institutions wishing to expand into the Egyptian market, especially within the framework of Egypt's Vision 2030, which includes targets related to sustainable growth, green transformation, and the localization of strategic industries. H.E. Dr. Al-Mashat reaffirmed that the government is working to consolidate macroeconomic stability and preserve development gains to deal with successive regional and international challenges. She noted that the state continues to implement a comprehensive program of economic and structural reforms aimed at enhancing the economy's resilience, improving the business climate, and expanding the growth base led by the private sector. She mentioned that these reforms, along with continuous investments in infrastructure and legislative modernization, make Egypt an attractive and growing destination for foreign direct investment. At the conclusion of the meeting, H.E. Minister Al-Mashat invited the Chinese business community to take advantage of cooperation opportunities with Egypt as a gateway to African, Middle Eastern, and European markets. She stressed the state's commitment to providing all means of support to serious investors and building long-term partnerships that contribute to achieving common interests and balanced development. It is worth noting that the Ministry of Planning, Economic Development and International Cooperation, in its role of developing and strengthening economic relations with development partners, is working to advance relations on various levels with the Chinese side, particularly in the field of exchanging expertise and technology and enhancing scientific research. The Chinese side contributes to supporting and developing Egyptian expertise in the field of satellite assembly and testing, and training Egyptian cadres. In 2023, a Memorandum of Understanding for the Global Development Initiative (GDI) was signed during Dr. Rania Al-Mashat's visit to China. This MoU lays the foundation for a new phase of joint work with the Chinese side. Through this, an integrated strategy for development cooperation between Egypt and China for 3-5 years will be formulated for the first time in light of the joint relations between the two countries. The two countries also signed their first MoU for debt-for-development swap, which the Ministry of Planning, Economic Development and International Cooperation is working to activate. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
5 days ago
- Business
- Zawya
Egypt, China agree to organize investment forum in Cairo amid talks to deepen economic ties
Arab Finance: Egypt's Minister of Investment and Foreign Trade Hassan El-Khatib met with Chinese Minister of Commerce Wang Wentao to discuss ways to strengthen economic and trade relations between the two countries, as per a statament. During the meeting, both sides reaffirmed their pride in the long-standing ties elevated to the level of a comprehensive partnership over a decade ago. El-Khatib expressed anticipation for the upcoming visit of the Chinese Premier to Egypt, viewing it as an opportunity to translate recent discussions into tangible projects and investments. The minister also underscored the strategic importance of cooperation with China and the need to build on the existing partnership through joint investments. He highlighted Egypt's strategic location and its network of trade agreements with global economic blocs, offering Chinese companies the chance to use Egypt as a hub for production and export. Moreover, he also reiterated Egypt's commitment to improving the investment climate and enhancing trade competitiveness, aligning with World Trade Organization rules, particularly in trade remedies. The minister reviewed the outcomes of the ninth session of the Egypt-China joint committee held in December and proposed holding the tenth session in Egypt later this year. He called for an increase in bilateral trade volume to better reflect the depth of the economic partnership. For his part, Wang Wentao praised the current $17 billion trade volume, noting that China remains Egypt's largest trading partner. He pointed to the TEDA zone as a successful model of cooperation and highlighted major Chinese-led projects in Egypt, including the iconic tower and central business district in the New Administrative Capital, the electric train, and several renewable energy projects. Wentao also expressed interest in further collaboration in e-commerce, infrastructure, and clean energy, and commended Egypt's efforts to facilitate Chinese investments. The two ministers agreed to strengthen cooperation in areas such as electric vehicles, feeder industries, electronics, water desalination, solar panels, and artificial intelligence. They also reached an agreement to coordinate on organizing an investment promotion forum in Egypt in the near future, alongside enhancing collaboration in supply chains and other sectors. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
CNBC
5 days ago
- Business
- CNBC
Egypt aims to be one of the most competitive economies by 2030, says trade minister
Hassan El Khatib, Egyptian Minister of Investment and Trade, explains how his country can become one of the top 20 competitive economies in the world by 2030, and top 50 within a couple of years.
Zawya
20-06-2025
- Business
- Zawya
Egypt ranks 9th in 2024 global FDI attractiveness: UNCTAD
Arab Finance: Egypt has secured the ninth spot globally among the most attractive destinations for foreign direct investment (FDI) in 2024, with inflows reaching $47 billion, up from $10 billion in 2023, according to the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2024. The country also topped the list of African nations for FDI inflows, registering a growth rate of 373%. The figures were announced at a joint press conference hosted by the Ministry of Investment and Foreign Trade at the General Authority for Investment and Free Zones (GAFI), with participation from the Ministry of Planning and Economic Development, and International Cooperation, and UNCTAD. The event was led by Minister of Investment and Foreign Trade Hassan El-Khatib, Minister of Planning Rania Al-Mashat, and Head of the Investment Research Branch in UNCTAD's Investment and Enterprise Division Richard Bolwijn. The report highlighted Egypt's climb from 32nd place in 2023 to ninth in 2024, ranking just behind countries including the US, Singapore, China, and Canada. UNCTAD attributed the sharp increase in FDI largely to the Ras El Hekma development agreement and a series of major investment deals signed in 2023. FDI inflows to Africa rose 75% overall, from $55 billion in 2023 to $97 billion in 2024, with Egypt leading the continent, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. Globally, however, FDI declined by 11% year on year (YoY) to $1.5 trillion, driven by a 22% drop in advanced economies, while flows to developing countries remained stable and least developed countries saw a 9% rise. Speaking at the launch, El-Khatib said the report's findings reflect the tangible progress Egypt has made in infrastructure, digitalization, and private sector engagement.
Al-Ahram Weekly
19-06-2025
- Business
- Al-Ahram Weekly
Egypt ranks 9th globally among top FDI recipient countries in 2024 - Economy
Egypt ranked ninth globally in foreign direct investment (FDI) attraction in 2024, receiving $47 billion in investments, a significant leap from 32nd place in 2023, when it received $10 billion, a joint statement by the Ministries of Planning and Investment said Thursday. The announcement was made at the World Investment Report launch event, which was held by the United Nations Conference on Trade and Development (UNCTAD). This came during a press conference held at the General Authority for Investment and Free Zones (GAF) by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Minister of Investment and External Trade Hassan ElKhatib. The UNCTAD report attributed the FDI jump largely to the Ras El-Hekma development project and several major deals the state inked in 2024. Egypt ranked ninth after the United States (first), Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia. The report highlighted key global trends in foreign direct investment in 2024 and Egypt's position among the most attractive countries for investment, given the economic reforms implemented by the Egyptian government. It also pointed to a 75 percent increase in FDI flows to Africa, rising from $55 billion in 2023 to $97 billion in 2024. Egypt topped the list of fastest-growing and most attractive African countries for FDI, with a growth rate of 373 percent, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. In her remarks, Al-Mashat highlighted that 2024 witnessed shifts in global investment patterns, with Egypt maintaining a strong presence in attracting FDI. She emphasized the government's ongoing efforts through an ambitious reform agenda, prioritizing industry, exports, and direct investment to achieve economic development. These efforts mainly focus on empowering the private sector through structural reforms promoting sustainable growth, resilience, job creation, productivity, and increased value. Minister ElKhatib also stated that Egypt's hosting of the launch of the 2025 World Investment Report reflects the country's significant progress in private sector investment, infrastructure, and digitalization. He affirmed that Egypt's vision aims to build a competitive, open, and globally integrated economy, with the private sector being the primary driver of sustainable growth. Moreover, he noted that 2024 saw transformational changes in FDI trends, including increased investor confidence and strategic partnerships. The minister pointed out that Egypt recorded its highest-ever annual increase in FDI, with the Ras El-Hekma development agreement being a major contributor to this surge. For his part, Mr. Richard Bolwijn, director of the Investment Research Branch at UNCTAD, stressed the importance of international cooperation to help developing countries overcome investment climate volatility. 'This year's findings call for renewed efforts to mobilize private investment for sustainable development, especially in economies facing structural constraints,' he stated. The 2024 World Investment Report indicated that global FDI flows declined by 11 percent, reaching $1.5 trillion in 2024 compared to $1.67 trillion in 2023. However, newly established investment projects saw a modest three percent increase, reaching 19,356 projects. Developed economies experienced a 22 percent decline in FDI, while levels remained stable in developing countries. FDI flows to the least developed countries rose by nine percent. Despite global economic challenges and geopolitical tensions, the Egyptian government plans to continue implementing economic and structural reforms to strengthen macroeconomic stability, improve the investment climate, promote the green economy, and achieve private sector-led economic growth. Follow us on: Facebook Instagram Whatsapp Short link:
