The forum was co-organized by the Egyptian Foreign Ministry, the GCC General Secretariat, and several trade and investment bodies. Attendees included GCC Secretary-General Jassim Al-Budaiwi, Saudi Commerce Minister Dr. Majid Al-Qasabi, Kuwaiti Commerce Minister Khalifa Al-Ajil, and top business leaders.
Madbouly welcomed the Gulf attendees, emphasizing the shared
commitment to strengthening economic, trade, and investment cooperation across
sectors to achieve prosperity and sustainable growth, particularly given
regional and global economic challenges.
He highlighted that the forum reflects mutual confidence and
shared interest in utilizing the vast opportunities for cooperation. Madbouly
stressed that GCC states are among Egypt's most important trade and investment
partners and expressed aspiration to ensure the Arab Gulf remains Egypt's number
one economic partner.
Madbouly detailed Egypt's comprehensive development over the
past decade, including massive investments in: Infrastructure and Transport: Modernizing
roads, railways, ports, and transport systems to maximize the benefit of
Egypt's strategic location.
New Cities: Building over 20 new smart cities, including the
New Administrative Capital.
Economic Reforms: The government has provided numerous
incentives to attract foreign, especially Gulf, investment. Reforms include
fiscal and monetary measures like applying a flexible exchange rate, capping
public investments, and offering the Golden License and other facilities.
These steps contributed significantly to stability,
increased Foreign Direct Investment (FDI), and were recognized by international
financial institutions.
The PM urged investors from GCC countries to inject more
investments into Egyptian priority sectors. He affirmed the government’s focus
on empowering the private sector as the main engine for development. Structural
reforms have contributed to projected economic growth of 4.4% in FY 2024-2025,
driven by key sectors like industry, tourism, agriculture, energy, logistics,
and ICT, which are central to achieving industrial integration with the Gulf.
The Prime Minister concluded by expressing confidence that the forum's outcomes would significantly support economic and trade cooperation, consistent with the unique and important relationship between Egypt and the GCC.