CAIRO, May 5 (MENA) - Prime Minister Mostafa Madbouli presided Monday over a meeting of the Ministerial Economic Group to discuss preparations for Egypt’s hosting of the Egypt-US Investment and Economic Forum late May.

A number of senior officials, including Minister of Planning, Economic Development and International Cooperation Rania el-Mashat, Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty, Minister of Investment and Foreign Trade Hassan el-Khatib and Governor of the Central Bank of (CBE) Hassan Abdullah took part in the meeting.

Presidential Spokesman Mohamed el-Homsani said, the talks took up arrangements for the upcoming two-day Egypt–US Investment and Economic Forum, whose activities, which are organized in cooperation with the American Chamber of Commerce, are expected to witness a strong presence from major US companies.

The spokesman said, the meeting also tackled meetings the Egyptian Embassy in Washington is holding with relevant authorities and companies that will attend and participate in the event.

A session dedicated to reviewing potential investment opportunities is scheduled to be held during the forum to review investment openings available in the various sectors in the Egyptian market, as well as in the Suez Canal Economic Zone, he added.

The focus will also be on the prominent sectors that mostly attract the attention of US companies, said the spokesman, adding that economic reforms that have been implemented will also be reviewed, as well as the incentives provided by the government to contribute to improving the investment climate.

Meanwhile, the premier accentuated the need to coordinate efforts between the various ministries and the Cabinet’s Information and Decision Support Center, with the aim of preparing a comprehensive document, envisaging prominent investment incentives and opportunities of interest to US companies.

Homsani pointed out that the latest developments in the economic reform program implemented by the government in cooperation with the International Monetary Fund also figured high on the meeting's agenda.

The minister of investment referred to the development of trade exchange between Egypt and the US.

He highlighted that during 2024, Egyptian exports to the US constituted about 5.5% of Egypt’s total non-oil exports worldwide, while US exports to Egypt represented about 6.1% of Egypt’s total non-oil imports.

For her part, the minister of international cooperation reviewed the opportunities available to Egypt in light of global trade transformations and changing economic policies in a number of major economies, especially with regard to customs duties and protectionist policies, which impacted global supply chains, production costs and trade exchange between countries.

In this context, the minister said, there are specific sectors that can benefit from the current trade transformations, including the ready-made clothing and textiles and the manufacture of solar panels.

She also said the government is working to diversify trade and investment partners and export markets and expand economic cooperation with developing countries to enhance trade exchange.

Meantime, the minister of investment reviewed the government’s new program to reduce export burdens.

He highlighted a plan, under the Export Rebate Program, to deal with overdue payments, which amount to about EGP 60 billion pounds, for shipments before last July, referring to an agreement reached with companies on the mechanism for paying the arrears. (MENA)

S A S/R E E