The Ministry of Investment discusses with international development organizations and bodies ways to achieve economic development
Economic policies in many countries are moving towards reformulating their tools to keep pace with the rapid transformations in the global investment environment. They are now seeking to attract investments in addition to providing an institutional and legislative framework compatible with modern international standards. In this context, establishing partnerships with international economic institutions is an entry point to enhance transparency, raise administrative efficiency, and develop a more competitive and open business environment to ensure the achievement ofeconomic development.
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Accordingly, Egypt is also moving to strengthen the relationship of fruitful cooperation with international economic organizations and bodies aimed at achieving economic development at all levels, and therefore it is working to transfer expertise, modernize the institutional structure, support structural reforms, and open broader horizons for investments in productive sectors with high added value.
Reform measures and strengthening the investment environment
In addition to the above, Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, held a high-level meeting in Washington with Mr. Matthias Cormann, Secretary General of the Organization for Economic Co-operation and Development (OECD), to discuss developing cooperation and compatibility with global standards to achieve economic development.
This is in line with Goal (8) decent work and economic growth and Goal (17) establishing partnerships to achieve the goals, stressing that the Egyptian economy has shown clear flexibility supported by reform measures that included exchange rate flexibility and restructuring the energy system, in a way that enhances financial sustainability and increases the attractiveness of the investment environment.
The Minister was also keen to review the Ministry’s plan to achieve digital transformation of services, especially post-incorporation services such as increasing capital and holding general assemblies, which contributes to reducing the time of procedures from months to days, in line with international best practices and achieving the comprehensive Sustainable Development Goals (SDGs), especially Goal (16) Peace, Justice and Strong Institutions, and Goal (9) Industry, Innovation and Infrastructure.
Supporting small projects and enhancing technical cooperation
The Minister pointed to work on issuing simplified accounting standards for small and medium enterprises, which will help integrate them into the formal economy and reduce regulatory burdens on them within a digital framework, pointing to efforts to modernize the foreign direct investment data system through electronic linking with the concerned authorities to ensure the accuracy of the data issued and reflect the true size of investments.
The two sides also discussed enhancing technical cooperation to align various economic policies with modern international standards, in a way that achieves a balance between protecting state rights and maintaining competitive investment incentives.
For his part, Matthias Cormann praised the seriousness of the reforms and the transparency of the proposal, stressing the OECD’s commitment to providing technical support to Egypt to support the achievement of sustainable and comprehensive economic development.
Supporting the agriculture and food security sector
In a related context, Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, held a meeting with Mr. Alvaro Lario, Secretary-General of the International Fund for Agricultural Development, to discuss ways to enhance cooperation and follow up on ongoing projects, within the framework of the state’s plan to increase agricultural exports, enhance food security, and remove export obstacles through projects that guarantee 100% crop conformity.
The Minister stressed the importance of developing the agricultural sector as one of the pillars of the economy, with a focus on qualifying small farmers and training them according to the latest production and packaging practices, in cooperation with export councils, to ensure access to global markets, and transforming the agricultural sector into an export sector capable of competing globally.
For his part, Mr. Álvaro Lario praised the partnership with Egypt, stressing the commitment of the International Fund for Agricultural Development to support Egypt’s priorities and redirect resources, specifically agricultural reforms and enhancing the role of the private sector to achieve economic development.
In conclusion, the Egyptian state’s efforts to enhance cooperation and support partnerships with global economic institutions such as the Organization for Economic Co-operation and Development (OECD) and the International Fund for Agricultural Development reveal the Egyptian state’s keenness to enhance the investment environment by implementing comprehensive reforms, redirecting priorities, and maximizing the use of resources, in order to achieve comprehensive sustainable development on the social and economic levels.
In turn,The Earth Guards Foundation highlights the tireless efforts aimed at strengthening international cooperation and establishing partnerships that ultimately lead to achieving economic development, whether through supporting small projects, raising the competitiveness of agricultural sector exports, or reducing losses in value chains. Thus, sustainable development becomes a direct result of integrating reforms with the needs of real sectors.
