Egypt is set to transition the management and operations of critical logistics and transportation entities to the private sector, starting with the aviation industry.
In a roundtable discussion on Sunday, Egyptian Prime Minister Mostafa Madbouly declared that seaports, dry ports and airports would be offered to private sector management in the near future.
Madbouly highlighted a strong commitment to fostering partnerships with private entities in the stewardship and operational aspects of mass transit systems, a statement from the Egyptian Council of Ministers posted on Facebook noted.
An integrated strategy is being formulated by the Egyptian Transport Ministry, in collaboration with global corporations, to begin localization of the industry.
During the meeting, Transport Minister Kamel El-Wazir emphasized that this strategy intends not only to attract foreign companies to the Egyptian market but also to consolidate the position of those already established.
Reiterating this sentiment, Madbouly expressed appreciation for the collaborations between Egypt and leading international firms in transportation and logistics.
He further indicated that the purpose of the meeting was to pinpoint potential candidate projects for privatization within Egypt’s logistical localization efforts.
Madbouly also remarked on the substantial infrastructure endeavors Egypt is undertaking, which he believes should motivate these firms to intensify their localization efforts within the country.
He underscored Egypt’s strategic location as a central hub in the Middle East and a gateway to Africa, bolstered by numerous free trade accords.
Focusing on projects that feature green transportation, the premiere noted their substantial financial requirements and advocated for securing a significant portion of these investments under favorable terms.
Representatives from a diverse array of international companies were present, hailing from Germany, China, Russia, Hungary and the UAE.
The meeting also included delegates from France, the US, Denmark, Austria and Spain.
Additionally, Madbouly touched upon government actions to entice companies to establish transportation industries locally.
These measures include a new suite of investment incentives, such as considerable tax breaks to spur further investment into the Egyptian economy.
Source: Arabnews