Minister of Investment and International cooperation Sahar Nasr said during her meeting with a US delegation led by US State Department’s deputy assistant secretary, Richard Albright, that Egypt has taken measures to eliminate bureaucracy.
During the meeting, the minister reviewed the achievements of the economic reform programme, referring to the reforms and measures taken to improve the investment environment and to attract investors.
In the same context, she explained that these measures are mainly based on legislative reforms, such as the issuance of the new Investment Law and the institutional reform, such as the development and expansion of the Investors Service Centre to facilitate the establishment of companies and to eliminate bureaucracy.
On the other hand, Albright said that the aim of the US delegation’s visit to Cairo is to assure Egypt of US support to achieve the desired economic growth.
Moreover, Albright praised the Egyptian experience in the economic reforms and the improvement of the business and investment climates, which stimulate a large number of American companies and investors to expand their activities in the Egyptian market as Egypt has investment opportunities in various fields.
In the same context, Nasr welcomed the announcement of a number of American companies in Egypt, such as Mars, Apache, and Uber, about their plans to expand in Egypt following the economic reforms.
Furthermore, the minister stressed on the importance of the Egyptian American Enterprise Fund (EAEF) investments to keep pace with Egypt’s national priorities, especially supporting the youth and women.
The fund aims to support entrepreneurship, small and medium-sized enterprises (SMEs) in Egypt.
In another context, the head of International Business Development, Primary Markets at London Stock Exchange, Tom Attenborough said that the London Stock Exchange is keen to expand cooperation with the Egyptian Exchange (EGX).
This came during Nasr`s meeting with a delegation from London Exchange, including Attenborough, Manager of International Government Relations Adam Scheuer, and the British ambassador to Egypt, John Casson.
During the meeting the two sides discussed enhancing bilateral cooperation in developing the capital market.
Moreover, they discussed the ways to support Egyptian companies to increase their capital and expand their investments in Egypt.
Meanwhile, they also discussed strengthening the cooperation framework between the two sides to attract more foreign direct investments (FDI) to encourage British investors to invest in Egypt and increase Egyptian companies’ abilities to benefit from various financing tools and systems.
In the same context, Nasr pointed out that Egypt issued amendments to rules and regulations of the EGX, this strengthens corporate governance standards.
Meanwhile, Nasr stressed that the government is working on achieving financial inclusion and
increasing the support for entrepreneurship and SMEs.