Cairo – Mubasher: Egypt’s investment minister Sahar Nasr has signed a memorandum of understanding (MoU) with HSBC Egypt’s deputy chairman and CEO Jacques-Emmanuel Blanchet to bolster foreign direct investments (FDIs) in Egypt.
The Ministry of Investment and International Cooperation (MIIC) is determined to collaborate with HSBC to attract investors to Egypt, Nasr said, pointing out that the bank has several branches all over the world.
The bank will manage to introduce international investors to the growing business opportunities in Egypt through partnering with the ministry, Nasr noted.
The MIIC is on track to complete an integrated investment plan that will cover investment opportunities across the Egyptian governorates, she mentioned.
The Egyptian government is working on supporting the private sector, which remarkably contributed to the country’s economic growth, she added.
The minister indicated that the government is obligated to establish a suitable environment for the private sector to pump more investment.
Investments of the private sector play a major role in reducing poverty rate, providing job opportunities, and reinforcing competitive abilities, Nasr said.
On the other hand, Blanchet said that the Egyptian government’s efforts in reforming economy encourage more FDIs, reinforce international trade, and improve the business climate.
The bank aims at bolstering the MIIC’s development strategies to attract FDIs and turn Egypt into a strategic trade centre on the regional and global levels, Blanchet added.
He considered the recent report issued by the International Monetary Fund (IMF) on Egypt’s gross domestic product (GDP) as an initial indicator that the Egyptian government is on the right track.
Blanchet indicated that HSBC’s global existence in 67 countries, as well as its broad experience and knowledge of markets, will help in linking major firms in Egypt with the most thriving global markets.
