Luxor: Minister of Investment and Foreign Trade Hassan El-Khatib emphasized on Saturday that direct engagement with investors is a core priority for his ministry as part of the government’s efforts to increase investment rates, stimulate economic growth, and create jobs in the provinces.

According to State Information Service Egypt, during his visit to Luxor governorate, part of an inspection tour of Luxor and Qena, Khatib highlighted the government’s focus on Upper Egypt. This initiative is part of a strategy aimed at achieving balanced development and transforming the region into a prime investment destination.

The meeting, which was attended by Luxor Governor Abdel Mottaleb Emara, Mohamed El-Goski, the chief executive of the General Authority for Investment and Free Zones (GAFI), and senior officials from the ministry, underscored the ministry’s commitment to addressing investor concerns and challenges swiftly. Khatib noted that Upper Egypt governorates receive significant support under Egypt’s investment law.

Luxor Governor Emara highlighted the province’s investment potential in sectors such as tourism, agriculture, and education, noting ongoing projects in these areas. Officials presented Luxor’s investment opportunities map, featuring 47 projects across multiple sectors. Contracts for six projects have been finalized, with 16 more opportunities to be offered soon. Additionally, 12 projects are under the governor’s authority, and 13 opportunities are being evaluated.

The meeting also brought attention to 25 unused state-owned assets added to the governorate’s investment guide. Investors shared their activities and challenges in tourism, education, and agriculture. In response, Khatib mentioned comprehensive incentives under the current investment law, emphasizing that all Upper Egypt governorates fall under ‘Zone A,’ providing substantial support.

Projects in Zone A benefit from tax-deductible incentives covering up to 50% of investment costs from taxable profits, capped at 80% of paid-in capital. This initiative aims to support less developed areas. Khatib also highlighted tourism as a state priority and announced plans for an investment map with pre-approved permits to expedite implementation and attract more investments.