Washington: Minister of Investment and Foreign Trade Dr. Mohamed Farid Saleh convened with a Moody’s credit rating agency delegation at the Egyptian Embassy, including Director for Sovereign Risk Ms. Marie Diron and Deputy Assistant President Mr. Mikael Gonderand. The meeting focused on Egypt’s strategy for tackling regional challenges and its vision to enhance foreign direct investment and industrial growth rates.

According to State Information Service Egypt, Dr. Mohamed Farid Saleh highlighted the government’s proactive measures to address regional instability. He emphasized the importance of regulating the energy subsidy system for gasoline, diesel, electricity, and natural gas for factories to stabilize the general budget and avert financial imbalances.

Dr. Farid Saleh further elaborated on the flexibility of Egypt’s monetary policy, prioritizing inflation targeting while maintaining a flexible exchange rate to better absorb external shocks. This, he noted, underscores the state’s commitment to practical policy implementation.

The Minister disclosed that private investment now constitutes 58% of total investment, a significant rise from the historical average of 42%. He attributed industrial sector growth rates between 9% and 12% as the main drivers of economic expansion.

Dr. Mohamed Farid Saleh also reviewed plans to localize industry by expanding investment zones and industrial cities across governorates and rural areas. This includes transitioning from assembly to full-fledged production in sectors such as electronics, ready-made garments, food processing, and renewable energy.

On foreign trade, the Minister confirmed that exports continued to rise in the first quarter despite Red Sea disruptions. He credited exporters’ success to finding logistical alternatives, notably using the port of Safaga for transporting products to Gulf markets.