Building on recent announcements at investor forums, Egypt's Investment Minister Hassan El-Khatib told a Moody's Ratings delegation that the country aims to double annual foreign direct investment to $24 billion through structural reforms in economic, monetary, and fiscal policies.
During the meeting with Moody's Associate Managing Director Matt Robinson and Vice President Alexander Perjessy, El-Khatib highlighted recent gains in net foreign assets and foreign exchange reserves at record levels. He detailed a pragmatic approach to energy pricing and subsidies to address distortions and inflation.
Fiscal reforms include closer coordination with the Finance Ministry to streamline taxes, yielding a 35% revenue increase last year—the highest since 2005—via improved private sector trust.
Foreign trade enhancements feature customs clearance cut to about five days (targeting two), 24/7 port operations for billions in savings and doubled efficiency, removal of non-tariff barriers per WTO rules, and over 20 protective measures for local industry.
Business procedures are being overhauled via a single digital platform and investment map, slashing license times from 24 months to under 90 days across 460 services previously handled by 41 entities.
El-Khatib outlined five growth pillars—renewable energy and data centers; electronic chips and high-tech manufacturing; infrastructure; operational models; artificial intelligence—plus tourism via new North Coast and Red Sea investment maps to expand hotels. The Sovereign Fund of Egypt is prioritizing asset returns. He stressed investment volume as the key growth indicator, targeting 6-7% sustainable GDP growth.
Moody's welcomed the progress: Robinson emphasized transparency and governance for FDI, while Perjessy lauded energy pricing and digital licensing for sustainability. Attendees included Ghada Nour, Dalia El-Hawary, and Abed Mehran.
