During the visit of President Abdel Fattah El-Sisi to Spain, Minister of Planning , Dr. Rania Al-Mashat, participated in the Egyptian-Spanish Business Forum held during the visit. The forum received nume rous business community representatives and companies from both Egypt and Spain, along with officials from the chambers of commerce, in the presence of Eng. Hassan El-Khateeb, Minister of Investment and International Trade, and Mr. Carlos Cuevas, Minister of Economy, Trade, and Industry of Spain.
In her speech, Dr. Al-Mashat praised President El-Sisi’s current visit to Spain, highlighting its significance in enhancing partnerships with the Spanish side, and building on the historical relations between the two countries. She noted that the elevation of bilateral relations to the level of a strategic partnership opens ambitious horizons for joint work, increasing investments and trade exchanges, and developing economic relations in all their aspects.
Dr. Al-Mashat discussed the developments in the Egyptian economy over the past period, and the government’s efforts to enhance macroeconomic stability through fiscal and monetary policies, and the implementation of the National Structural Reform Program, which strengthens the economy’s resilience and stability, improves the business environment for the private sector, and drives the transition to a green economy.
She also highlighted that Egypt’s GDP growth in the first quarter of the current fiscal year reached 3.5%, driven by reforms that have positively impacted vital sectors such as non-petroleum manufacturing. She added that the government is working to restructure the Egyptian economy to focus on tradeable sectors.
The Minister addressed Egypt’s economic diplomacy efforts to empower the private sector, providing concessional developmental financing to both local and foreign private sectors from multilateral and bilateral development partners. She noted that these concessional funds are a key tool to attract and encourage private sector investment, offering low-interest financing that reduces risks and encourages private investments in priority sectors.
Furthermore, Dr. Al-Mashat discussed the investment guarantees with the European Union, agreed upon in a financial package valued at €1.8 billion. She explained that Spanish companies can benefit from these guarantees to expand their investments in Egypt’s market. She emphasized that Egypt enjoys credibility with international financial institutions, which offers financing alternatives for both local and foreign private sectors.
On another note, Dr. Al-Mashat spoke about the Ministry’s efforts to govern public investments, committing to a set ceiling for investment expenditure to make space for the private sector. She confirmed that the Ministry will continue working in the upcoming period to foster constructive partnerships with the private sector through joint public investment initiatives.
