Minister of State for Immigration and Egyptian Expatriates’ Affairs, Soha El Gendi attended a conference meeting that was held in Dubai to explore new ways to motivate Egyptians living abroad to redirect their business investment to their home country. The Minister was joined by Ambassador Ashraf El-Deeb, Consul General of Egypt in Dubai; Ambassador Amr Abbas, Assistant Minister of Immigration for Community Affairs; in addition to several representatives of Egyptian state-run banks.
El Gendy highlighted the Ministry of Immigration’s immense efforts to present Egyptian expats with investment opportunities, fulfilling the government’s strategy for sustainable development on the General Investment Authority’s side, projects offered by the Ministries of the Public Enterprises and Agriculture of projects that can be instantly executed, Egypt’s investment map, and also the tourism strategy for investment and promotion.
The investors and participants, including representatives of banks, went over an outlook to fund the investment domain, as well as procedures for investors to acquire and manage shares funded by the banks. Moreover, the national banks’ representatives explored various options to support investors and ensure their smooth participation, in partnership with the authorities, in lucrative and current projects.
During the meeting, the Minister of Immigration indicated that real estate and agriculture unanimously ranked highest on the investors’ list of interest, according to the survey which was taken by a sample of Egyptian investors abroad; followed by land reclamation, fish farming, animal production, industrial production, and finally investments in tourism, health, and education.
Furthermore, she stated that the government will form a working group of willing investors, joined by the concerned authorities, who will be responsible for establishing an investment company for Egyptians abroad, to benefit from their savings in Egypt.
The minister also stressed that establishing factories and investing in the productive side are top-priority for the state, particularly during the current disasters of the Russian-Ukrainian war and the Covid-19 pandemic.
On the other hand, the participating investors explained the urgency of promoting industrial projects in the medical field and achieving medical sufficiency in specialized fields, especially during the global suffering from the spread of viruses and pandemics, and as a guaranteed investment to fulfill Egypt’s needs and as a gateway access to Africa. El Gendi also praised the unprecedented achievement of the “City of Medicine.”
The investors requested to conduct preliminary feasibility studies for the proposed projects the investor needs to determine the profit margin. They additionally demanded to coordinate the company’s management, establish an independent entity, the allocation of a fund for ideas and suggestions, linked to various means of communication, to which the minister agreed to add to the application that’s being implemented, and an agenda that includes activities like visits and tours to the main touristic attractions, and remote activities, to promote the continuous connection between new generations and their homeland’s culture and traditions.