Qatar and Egypt agreed to work towards a $7.5 billion package of direct Qatari investments, according to a joint statement from the Egyptian president’s office. The pledge was made during Egyptian President Abdel Fattah El-Sisi’s visit to the Gulf country, where he met with the Amir of the State of Qatar, His Highness Sheikh Tamim bin Hamad Al Thani.
During the visit, the two leaders addressed ways to develop cooperation in various fields, enhance common interests, and open new horizons for integration and partnership. They also emphasized the importance of strengthening economic cooperation and agreed to continue joint work to promote investment and economic exchange between Egypt and Qatar.
President El-Sisi calls for Arab economic integration
During his visit, Egypt’s President held a meeting with Qatar’s business community in the Qatari capital, Doha. President El-Sisi commenced the meeting by emphasizing that the world has faced significant challenges over the past years, starting with the repercussions of the Coronavirus pandemic, passing through the sharp fluctuations in food and energy markets, up to the current trade tensions.
The President noted that trade tensions could negatively impact the global economy and the multilateral trading system. He also confirmed that these factors necessitate concerted efforts to foster Arab economic integration and strengthen collaboration among Arab countries. The President also underscored the importance of the business community’s role in achieving these goals.
Egypt seeks Qatari investments
Egypt’s President called upon companies and businessmen in Qatar to expand their investments in Egypt, stressing that the country represents a promising opportunity for investors, given its unparalleled strategic location, skilled workforce with competitive costs, favorable energy prices and free trade agreements signed with Arab and African countries. This is in addition to a conducive legislative structure for investment.
During the meeting, the President also reviewed the diverse investment opportunities Egypt offers in an array of spheres, including the communications and information technology sectors, transformative industries, new and renewable energy and tourism. He highlighted other key areas in which Egypt is actively pursuing increased investments, with a focus on localizing the industry and leveraging cutting-edge technology, notably artificial intelligence.
Read: Saudi Arabia, Egypt explore key investment opportunities at Saudi-Egyptian Investment Forum
Egypt invests over $550 billion in infrastructure
The President also noted the ongoing implementation of mega infrastructure projects and the construction of new and smart cities, in addition to the development of the transportation and ports system across Egypt. Furthermore, El-Sisi highlighted the establishment of integrated international logistics corridors and hubs close to seaports.
For his part, Minister of Investment and Foreign Trade, Engineer Hassan El-Khatib, offered a comprehensive overview of Egypt’s efforts over the past ten years to establish a robust infrastructure conducive to attracting investment.
He noted that the state has invested approximately $550 billion over the past ten years to develop the infrastructure. This included the construction of 7,000 kilometers of roads, the establishment of new ports, and 24 new cities. He added that the current government is strengthening efforts toward creating an attractive and increasingly competitive investment climate at both the regional and international levels.
El-Khatib also reviewed the competitive advantages of Egypt as an attractive destination for foreign investment, particularly from Qatar. He outlined the specific sectors in which Egypt strives to attract foreign direct investment, such as manufacturing, communications and information technology, agriculture, logistics, new and renewable energy, education, tourism and healthcare.
The President noted that Egyptian-Qatari economic relations have witnessed a qualitative leap in recent years. Concluding the meeting, El-Sisi addressed Qatar’s business community, stating that the Egyptian people welcome them to Egypt as partners in the pursuit of development and prosperity.
