The Prime Minister: $ 720 million, the volume of trade between Egypt and Poland

Prime Minister Mostafa Madbouly witnessed the activities of the Egyptian-Polish Business Forum, held in Cairo, in honor of President Andrzej Duda, President of the Republic of Poland, in the presence of a number of ministers, officials and businessmen of the two countries, to discuss a number of files of future co-operation in various fields.

Dr. During the forum’s activities, Mostafa Madbouly delivered a speech, which began by welcoming President Andrzej Duda during his first visit to Egypt, pointing out that it reflects the depth of friendship and cooperation between the two countries, not just on official level, but also between the two friendly peoples, as Poland occupies an Advanced rank among the countries exporting the incoming tourism movement to Egypt.

The Prime Minister expressed his joy at the Polish President’s participation in the opening ceremony of the Egyptian-Polish Business Forum, and emphasized that the effort to promote and develop economic relations between Egypt and Poland is based on a well-established base of respective political relations between the two countries, which historically span almost a hundred years, which is a Mahmoud trend, receive All the support and support of the political leadership in both countries.

Dr. Mostafa Madbouly noted that there is no doubt that the increase in the volume of trade exchanges between the two countries in 2021 to about $ 720 million, of which about $ 300 million are Egyptian exports, is a positive indicator that encourages us to work together. to double these numbers and promote joint investments Take advantage of the benefits that countries have.

The Prime Minister pointed out that the activation and implementation of the framework agreement signed on 7 June 2021 between the Economic Authority of the Suez Canal Zone and the Polish “Katowice” Economic Zone, to establish the Polish Industrial Zone in Egypt, will be wide open. prospects for increasing Polish and European investment in Egypt, emphasizes Egypt’s zeal To provide all possible facilities for the implementation of this crucial project.

Dr. Mostafa Madbouly said: Today we are meeting in exceptional international circumstances, which cast a shadow over the current economic reality, with unprecedented repercussions, leading to slowing global economic growth, declining production and investment flows, instability of global supply chains, high inflation rates and levels of debt.

He added: The Egyptian economy was not immune to these repercussions, as it suffered direct losses estimated at about 130 billion pounds, and indirectly about 335 billion pounds, due to the rise in commodity prices and the tightening of monetary policy. worldwide, and stopping the flow of tourists from Russia and Ukraine, two countries that together represent about a third of incoming tourism to Egypt.

In this regard, the Prime Minister referred to the measures taken by the Egyptian state to address the repercussions of this crisis, with the aim of maintaining the confidence of foreign investment and international financial markets. The government’s restructuring of the state’s general budget, and the central bank’s measures to raise interest rates.

Mostafa Madbouly said: Needless to say, the economic reforms implemented since 2016 have succeeded in improving the resilience of the Egyptian economy, and have helped to overcome the challenges and repercussions of the “Corona” pandemic, but Egypt was one of the limited countries that achieved positive economic growth rates during the pandemic. .

In this context, the Prime Minister reviewed some developments in the Egyptian economy, and the steps taken by the Egyptian government to facilitate the business climate, including the great and promising opportunities that Egypt offers to the private sector to enter the Egyptian market, and its support within the framework of its expected presidency of the Climate Conference, for issues of transition to the green economy in Africa, where the Egyptian state is eager to move from the stage of promises to the stage of actual implementation of these promises move and translate it into concrete projects that achieve the goals that countries agreed on during the previous Glasgow climate conference.

Dr. Mostafa Madbouly added that the state has set a crucial goal to strengthen the role of the private sector and increase its contribution to the economy to 65% over the next three years, while the investment climate in Egypt has seen a lot during the recent period has. institutional reforms aimed at facilitating and simplifying procedures for investors; Contributing to achieving positive results in setting up companies in terms of time, cost and procedures to start the activity At the same time, a package of legislation aimed at creating an attractive climate for local and foreign investment creation, enacted, including laws: taxes, investment, and private sector participation in infrastructure projects, services, public utilities, and the new labor law, as well as the introduction of an additional incentive package to invest in green economy projects in accordance with the state’s direction in this regard, in addition to the plan to promote the Egyptian Stock Exchange by offering a number of shares of state-owned companies this year.

The Prime Minister emphasized that Egypt has always been an active participant in global value and supply chains, given its excellent geographical location, the size of the large and diverse domestic demand, the abundance of skilled and trained labor, in addition to the presence of the Suez Canal, which accounts for about 12% of global trading volume annually.

Dr. Mostafa Madbouly pointed out that the General Authority for the Suez Canal Economic Zone was established in 2015, to serve as an integrated business environment that stimulates investors, provides logistics and industrial services in line with the highest international standards, and contributes to the transformation of Egypt to become an influential global economic and logistics center in global supply and value chains. And an integrated zone based on manufacturing, shipping and logistics services, which explains that these efforts have led to the total volume of investments within the region reaching about $ 18 billion, the establishment of more than 250 companies in various fields and important vital industries , as well as the establishment of partnerships with 15 industrial developers within the region.

The Prime Minister noted what the government will launch during the coming period of major projects in the areas of giant data centers, oil and gas transmission networks, gas liquefaction stations, communication towers and the rehabilitation of wind stations, while providing a package of investments. incentives for each project to attract foreign investment.

Dr. Mostafa Madbouly pointed out that Egypt is aiming to locate the industry in order to increase Egyptian exports to reach the export target of more than $ 100 billion over the next few years, according to the prescriptions of His Excellency President Abdel Fattah Al- Sisi, noting that this field is one of the promising areas that can Cooperation in this regard with the Polish private sector, with reference in the same context to the industrial sector incentives provided by the government to investors, which includes the award of ‘ a “gold license” for some projects, which is a single license issued to facilitate investment operations.

In a related context, the Prime Minister indicated that the field of agriculture is also at the forefront of the priority sectors, pointing out that the state has pumped large investments to achieve food security through two main axes, namely: the axis of horizontal expansion, through the establishment of national projects aimed at enlarging the agricultural area And the axis of vertical expansion and increase of crop productivity, which says: Now we have hundreds of thousands of hectares available for investors to grow specific crops, improve agricultural industrialization and the maximize economic value of agricultural crops.

Dr. Mostafa Madbouly explained that the field of communication and information technology is also one of the priority sectors, especially the areas of software and the establishment of data centers, in addition to the fact that the new and renewable energy sector is a priority for the government as Egypt seeks to be a regional center for the energy mix, serving electricity connection operations and exporting energy to Europe and neighboring countries.

The Prime Minister noted that Egypt has signed 6 memoranda of understanding with major international companies working in the field of new and renewable energy to produce and export green hydrogen and green ammonia in Egypt.

Dr. Mostafa Madbouly has indicated that the Egyptian government will soon also announce a detailed program to pave the way for public-private partnerships in a number of major national projects, particularly in the field of energy and utilities, as well as new foreign projects. direct investment, says: Here we will be pleased to see an increase in the volume of Polish investments during the coming period.

The Prime Minister expressed his hope that the important visit of the Polish delegation to Egypt would provide the desired momentum and impetus to deepen political and economic relations, and move them to broader horizons and a more distinct level. Congratulations on the establishment of the Egyptian-Polish Joint Business Council, which includes elite companies The Egyptian and Polish majors, expressing their confidence that the Council’s activity during the coming period will contribute to the development of joint investments and the strengthening of economic and trade relations between our two countries.

Dr. Mostafa Madbouly also congratulated the Ministry of Military Production and the Polish company AC Spolka on reaching an agreement to establish an investment partnership to manufacture vehicle conversion systems to work with natural gas, and looks forward to the necessary executive measures for this. project due to its economic importance that achieves the mutual benefit and benefit for both sides.

At the end of his speech, the Prime Minister thanked the General Federation of Egyptian Chambers of Commerce, the Ministry of Trade and Industry, commercial representation and all those responsible for organizing this important event, and representatives of the Egyptian and Polish business community. fruitful wishing meetings and excellent results.

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