El-Sisi's remarks came during his virtual speech addressing the BRICS Business Forum, held on 17-18 October in Moscow, according to the Egyptian presidency.

The president noted that the government has adopted a set of ambitious steps and measures to enhance the investment field, improve the role of the private sector in leading economic development, and overcome the obstacles that investors face.

During his speech, El-Sisi said that the state has imposed a cap on government investments to offer more opportunities for the private sector and provide customs exemptions and tax incentives to streamline bureaucratic procedures.

He added that reforms also included pursuing the government’s Initial Public Offering (IPO) programme within the State Ownership Policy Document framework.

"Egypt also continues its efforts to develop the communications and information technology sectors, manufacturing industries, and new and renewable energy, especially green hydrogen," El-Sisi told the BRICS group.

He also emphasized the state's efforts to implement major infrastructure projects and develop transportation, communications, and port systems to benefit the most from the country's unique and strategic geographical location.

"One of the most prominent ambitious Egyptian projects is the Suez Canal Economic Zone (SCZONE), which bears great investment opportunities in terms of the diverse industrial base it provides and export advantages to all regions of the world," he added.

Furthermore, El-Sisi highlighted the state's membership in many agreements and regional free trade zones, making Egypt the best hub to access promising markets, especially Africa, describing it as the continent of the future.

The Egyptian president underscored the economic and investment opportunities in the state and the youth potential making up about 65 percent of its population.

BRICS group contributions to global economy
 

During his speech, El-Sisi praised the holding of the BRICS Business Forum, which reflects the commitment to boosting relations among the member countries, enhancing investments, inter-trade, and joint projects, and strengthening efforts to achieve the desired economic growth.

"This forum is being held at a time when the world is witnessing successive and unprecedented global challenges and crises that require concerted efforts to find effective solutions," the Egyptian president said.

El-Sisi also highlighted the forum's significance in exploring investment opportunities among the member countries and improving cooperation between the private sector institutions by leveraging each country's competitive advantages to launch joint projects.

"This shall contribute to enriching economic integration among the member countries and enhance the role of BRICS as a prominent economic bloc in boosting global economic growth," the president said during his speech.

He stressed the importance of advancing sustainable development, describing it as a shared responsibility in the first place, as the private sector and business councils undertake a key role as "indispensable partners."

El-Sisi also underscored the major economic and investment potential of the member countries, especially in renewable energy, digital transformation, and manufacturing industries, describing them as key pillars for achieving development.

During his speech, El-Sisi expressed his deep appreciation to his Russian counterpart Vladimir Putin for his ongoing efforts during the Russian presidency of the bloc this year.

"The meetings hosted in various ancient Russian cities have contributed to deepening the ties and cooperation frameworks among our countries," he said, commending the Russian efforts to enhance cooperation among BRICS countries at all levels.

The Egyptian president hoped for the forum's success in enhancing investments and economic cooperation among member countries.

He emphasised the vital importance of investing in human capital, being the basic component to achieving development and renaissance.

BRICS was formed in 2006 and initially included Brazil, Russia, India, and China, while South Africa joined later in 2011.

In 2023, the group expanded its membership to include 10 countries, including Egypt.

In January 2024, Russia took over the presidency of the bloc for this year.

The BRICS group brings together the major emerging economies in the world, representing 41 percent of the world population, 24 percent of global GDP, and over 16 percent of world trade, according to World Bank.