Egyptian Prime Minister Mostafa Madbouly took part in the 8th edition of the Future Investment Initiative (FII) held in Riyadh, commending the Saudi-Egyptian partnership as recognized by experience and collaboration in various sectors.
Delivering a speech at the FII conference, Madbouly highlighted the collective achievements made by both Saudi Arabia and Egypt regarding their partnership in achieving energy security and diversifying energy sources. He pointed to the electrical interconnection project between both countries.
The prime minister expressed Egypt’s ambitions in the field of energy, saying his country is seeking to diversify its energy sources, enhance their capabilities, and become a regional hub for energy exports.
In this regard, he underscored Egypt’s endeavors to stimulate direct investments and establish global partnerships, especially in the field of new and renewable energy.
Madbouly addressed several key points to enhance the role of the private sector in achieving national prioritie
s and plans. He stated that the FII theme “Infinite Horizons: Investing Today, Shaping Tomorrow” reflects the Egyptian government’s priorities in building a better tomorrow for future generations.
He noted that the Egyptian government has taken a series of ambitious steps and measures to improve the investment climate, empower the private sector, and remove obstacles facing investors.
To achieve these objectives, the state has set a maximum limit for government investments to ensure the provision of further opportunities for the private sector, while continuing the public offering program within the framework of the State Ownership Policy Document, Madbouly said.
He also highlighted Egypt’s implementation of a new tax policy aimed at facilitating tax application measures, unifying tax collection entities, and expediting tax dispute resolution.
In the transportation and urban development sector, Madbouly said Egypt has injected substantial investments in recent years to develop infrastructure, build new sm
art cities, and modernize transportation systems and ports across the country. He emphasized that the efforts align with ambitious Egyptian plans and objectives to maximize the utilization of Egypt’s strategic and geographic location.
Regionally, the prime minister described the national security of the Gulf Cooperation Council (GCC) countries as an integral part of the Egyptian national security. He underscored that just and comprehensive peace, encompassing the establishment of an independent Palestinian state, is the way to ensure development and prosperity in the region.
Source: Saudi Press Agency