H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Mr. Khalid A. Al-Falih, Minister of Investment of Saudi Arabia, and his accompanying delegation, which included Mr. Saleh bin Eid Al-Huseini, Saudi Ambassador to Egypt, Ms. Sara Al-Sayed, Saudi Deputy Head of the Investment Promotion Authority, Mr. Mohammed Al Sahib, Undersecretary of the Ministry of Investment for Investment Sector Development, and several other officials. The meeting focused on enhancing mutual relations between the two countries and solidifying partnerships, particularly in priority sectors, given Egypt's current prioritization of private sector investments.
Al-Mashat emphasized the diversity of Saudi investments in Egypt, noting that hundreds of Saudi companies are active in vital and priority sectors in Egypt. The government looks forward to further partnerships and investments from the private sector within the framework of the ongoing development of relations supported by the leadership of the both countries. She highlighted Egypt's commitment to improving the investment environment and creating opportunities for both local and foreign private sectors to increase investment levels.
Empowering the private sector is seen as a key driver of sustainable growth across various sectors and a means of job creation. H.E. Minister Al-Mashat noted that the government is focused on creating a competitive economy that attracts investments and improving financial and economic performance. H.E. Dr. Al-Mashat also mentioned that the new government prioritizes human development and industry localization as central goals within its program, aiming to increase investment in people, stimulate production, and enhance the appeal of local products in foreign markets.
The Minister also discussed the ministry’s efforts with international partners to support the implementation of structural reforms through budget support financing, which enhances the business environment and encourages the private sector to invest more. H.E. Minister Rania Al-Mashat further clarified that the merger of the Ministries of Planning, Economic Development, and International Cooperation enhances macroeconomic stability by efficiently managing investment spending and maximizing economic and social returns from investments. The ministry is working on implementing an investment spending governance framework that provides opportunities for both local and foreign private sectors.
Distributed by APO Group on behalf of Ministry of Planning and Economic Development - Egypt.
