Dr. Mohamed Farid, Minister of Investment and Foreign Trade:
- Economic reforms have strengthened the Egyptian economy's capacity for growth and attracted greater foreign investment.
- We invite the Belarusian companies to invest in Egypt and benefit from investment incentives and its strategic location.
- Al-Adawi Company signs 3 agreements for the export of Egyptian fruits, the supply of agricultural tractors, and the enhancement of trade cooperation with Belarusian companies.
In continuation of the series of meetings held in the course of chairing the Egyptian-Belarusian Joint Committee convening in the Belarusian capital Minsk, Dr. Mohamed Farid, Minister of Investment and Foreign Trade (MIFT Minister), inaugurated the proceedings of the Egyptian-Belarusian Business Forum, with the participation of representatives of the Egyptian and Belarusian companies, as well as a number of officials from the ministries and relevant bodies on both sides, to explore opportunities for enhancing economic, trade and investment cooperation between the two countries.
In his address, MIFT Minister reviewed the most significant economic reforms implemented by the Egyptian State over recent years, which contributed to strengthening macroeconomic indicators and raising the growth rate to approximately 5.4% during the last quarter of the current year, in addition to reducing the balance of payments deficit and the general budget deficit, as well as declining inflation rates. He noted that these results were achieved in the context of the adoption of flexible fiscal and monetary policies that helped mitigate the negative effects of the geopolitical challenges witnessed in the region.
Dr. Farid noted that the Government of Egypt has implemented a comprehensive package of customs reforms aimed at facilitating trade flows and reducing customs clearance time, through the expansion of mechanization and digitalization systems, thereby contributing to the improvement of the investment climate and the enhancement of the business environment efficiency.
Moreover, MIFT Minister affirmed that Egypt provides numerous investment incentives to attract foreign investments and localize various industries, calling on Belarusian companies to invest in the Egyptian market and benefit from the promising opportunities and available investment zones, as well as the free trade agreements to which Egypt is party with a large number of regional and international markets.
Dr. Farid also explained that the private sector plays a pivotal role in the Egyptian economy, contributing approximately 58% of total realized investments, affirming that the Egyptian-Belarusian partnership is premised on enhancing the role of the private sector in driving economic development efforts through executing joint projects and investments that serve the mutual interests of both sides and contribute to job creation and the stimulation of economic growth.
MIFT Minister added that the Government attaches great importance to supporting the private sector through the establishment of specialized investment funds, among them a fund to support the industrial sector and enhance local added value, alongside funds dedicated to supporting entrepreneurship at its various stages of growth.
In conclusion of his address, Dr. Mohamed Farid invited Belarusian companies to visit Egypt and familiarize themselves with the available investment opportunities across various sectors, affirming the Egyptian Government's keenness to provide all forms of support and intensify mutual consultation and coordination, thereby contributing to the enhancement of trade and investment exchange rates between the two countries.
On the sidelines of the Forum, MFIT Minister witnessed the signing of 3 cooperation agreements between Al-Adawi Company for Import and Export, the Belarusian Agricultural Tractors Company MTZ, and Fruitreal Company. The agreements provide for the Egyptian company to export fruit to the Belarusian market, alongside the supply of agricultural tractors from MTZ to the Egyptian side, reflecting the orientation toward enhancing trade and industrial cooperation between the two countries.
The Egyptian-Belarusian Business Forum witnessed broad participation from the business communities of both countries, with approximately 24 major Egyptian companies representing diverse sectors including industry, agriculture, trade, and export taking part, alongside a number of Belarusian companies and institutions, in the presence of representatives of the relevant governmental bodies on both sides. Participants discussed opportunities for establishing new investment partnerships and expanding areas of joint cooperation, thereby contributing to the strengthening of economic relations and opening broader horizons for trade and industrial integration between Egypt and Belarus.
