21 November 2017

Egypt: Sisi Says Egypt Seeks to Build Strategic Partnership With Cyprus

President Abdel Fattah El Sisi said the distinguished political relations between Egypt and Cyprus constitute a model to follow in the Mediterranean countries.

In his speech at the Egyptian-Cypriot business forum on Monday 20/11/2017, the president said he is looking forward to building a strategic partnership with Cyprus that can help achieve an economic and technological leap.

The forum is attended by Cypriot President Nicos Anastasiades and a raft of Egyptian and Cypriot businessmen.

The business community in Egypt looks forward to boosting the economic relations and cooperation between the two countries, Sisi added.

The Egyptian government has taken active measures to provide a favorable environment for investment through developing legislation and removing all bureaucratic obstacles, President Sisi said at the Egyptian-Cypriot business forum.

The Egyptian economy faced structural challenges and problems in the past years, he said, adding the government has started since 2015 an economic reform program to address these challenges.

"The government has also launched the 2030 strategy to support development and improve the investment climate in the country," he added.

The ongoing economic reforms have contributed to increasing the economic growth to 4 percent in the past two years, he pointed out.

He noted the government targets a growth of 5.5-6 percent in the gross domestic product (GDP), an increase in the foreign exchange reserves that have exceeded 36 billion dollars, implementation of major development projects and reduction in the budget deficit.

A newly-passed investment law offers reforms and incentives and streamlines measures for investors, the president said.

The government is working on drawing up an investment map in Egypt, President Sisi told an Egyptian-Cypriot business forum.

"Several mega projects have been established in Egypt during the past two years, including the New Suez Canal and the new administrative capital," he said.

He expected the natural gas production to increase in Egypt, which will support the electricity sector with 50 percent of its capacity.

He hoped Cypriot investors will contribute in the major projects in Egypt and build partnerships with their Egyptian counterparts.

He promised to provide full support for the Cypriot investors.

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