At a moment of profound transformation in the global economic order—marked by intensifying competition and structural uncertainty—Egypt’s economic trajectory is being reshaped not through reactive policy, but through deliberate design.
In an interview from Washington DC, Minister Saleh outlined the contours of this strategic shift, which signal a decisive move away from short-term stabilization toward a model centred on institutional reform, private sector empowerment, and the integration of technology and knowledge as drivers of growth.
The interview maps how Egypt seeks to translate reform into tangible outcomes—through industrial localization, export expansion, and the consolidation of its position as a regional hub for investment and trade. It ultimately advances a broader proposition: in an era of global fragmentation, economic relevance will favour those who build with coherence and clarity, not merely those who respond to pressure.
Ahram Online: How do you view the challenges facing the state amid the current global transformations?
Minister Saleh: Egypt is not managing a crisis in the conventional sense. Rather, it is investing in the new reality to continue building an economy capable of competing and attracting investment on a sustainable basis. There is a clear shift in policy from repairing what already exists to designing what comes next. This reflects an understanding that the current phase is not merely one of economic reform, but one of re-establishing the role of the state and building a growth model led by the private sector.
Today, the state is not offering temporary opportunities. It is building a stable investment environment based on policy clarity, policy integration, and efficient implementation. This is what creates sustainable success stories, which is especially important in an international environment marked by severe volatility and uncertainty. We are working to achieve this by simplifying procedures, accelerating government services for investors, resolving existing problems, and advancing digital transformation in a way that strengthens private sector confidence and prepares the economy for a more sustainable phase of growth.
Ahram Online: To what extent can what is happening be described as a comprehensive re-engineering of the Egyptian economy?
Minister Saleh: What is happening goes beyond partial reform or the management of pressure. Egypt is moving according to a logic of building, not reaction. Global crises, despite their severity, have acted as a catalyst for accelerating fundamental reforms in the Egyptian economy. These reforms include modernizing regulatory and legislative frameworks, improving the efficiency of services, redesigning procedures, and raising the level of coordination among different policies in a manner that enhances the efficiency of the business environment and lowers transaction costs for investors.
The ultimate goal is to build a more competitive economy and place Egypt in an advanced position in terms of ease of doing business and the quality of its investment climate. This will enable the country to attract investment entities to operate and produce in Egypt, while also encouraging existing companies to expand.
Ahram Online: What is the nature of Egypt’s relationship with international institutions such as the IMF and the World Bank?
We deal with international institutions as partners in supporting economic stability, not as bodies that dictate policies. We benefit from technical expertise and from capacity-building support, but the national decision remains fully independent. The relationship is based on partnership and cooperation in supporting economic stability and improving the effectiveness of reforms, while decisions continue to be guided by the priorities of the Egyptian state and the needs of the national economy.
During the meetings held in Washington, we sensed a clear interest in what Egypt is implementing in the fields of investment, trade, and institutional reform. Meetings with international institutions and investment circles also reflected growing appreciation for the seriousness, proactivity, and clarity of Egypt’s reforms, particularly regarding private sector empowerment, improving the business environment, and responding swiftly to the repercussions of conflict and war through flexible, balanced, and consistent monetary and fiscal policies. At the same time, many of the ongoing reforms are domestically driven and are consistent with what the Egyptian economy itself requires.
Ahram Online: How is Egypt dealing with the impact of global geopolitical tensions, such as the US-Iranian war, on investment?
Minister Saleh: It is important here to distinguish between two types of investment. Short-term investments, such as debt instruments and equities, are by nature highly sensitive to international tensions or conflicts. We saw this in previous crises, such as the coronavirus pandemic and the Russian-Ukrainian war, when partial outflows occurred before capital returned as conditions stabilized.
Long-term investments, however, are less affected by such events. They may be affected in terms of timing—whether entry or expansion—but their fundamentals do not change. The decisive factor here is policy clarity and the continuity of the reform program, which we are keen to maintain. This was clearly reflected in Egypt’s ability to preserve its foreign currency reserves despite the exit of some hot money, some of which soon returned. That is the nature of such funds. What matters most is policy consistency, clarity, and stability, together with continuous communication with financial and business communities locally and globally to keep them informed of developments.
Ahram Online: How do you view Egypt’s position amid regional competition to attract investment?
Minister Saleh: Egypt is not in competition with the countries of the region. We are operating in a highly competitive regional and international environment, but the Egyptian market has qualities that strengthen its ability to attract investment. These include political stability, market size, geographic location, infrastructure, a broad network of trade agreements, and the ability to link investment with production and exports. Egypt also has a young society and a strong orientation toward localizing technology and scientific research as a foundation for attracting investment and enhancing trade.
The objective is not to replace the role of any other country, but to enhance the attractiveness of the region as a whole, which ultimately benefits everyone.
Ahram Online: How is the bureaucracy file being handled despite the announced reforms?
Minister Saleh: We do not deny that there are challenges in this file. We recognize that bureaucracy is among the factors that most affect the cost and duration of investment. For that reason, we are working seriously and forcefully to simplify procedures from their roots, rather than merely dealing with their consequences. This includes developing post-establishment services, facilitating procedures for general assemblies and capital increases, improving the complaints system, re-engineering licensing procedures, and expanding digital connectivity among government entities.
This also aligns with the ministry’s priorities in licensing, post-establishment services, and digital transformation, as well as with the move toward greater promotion and awareness of the many investment systems and incentives provided under Investment Law No. 72 of 2017, which many businesspeople and investors are still not sufficiently aware of. These include investment zones, for which we have launched a media and advertising campaign to promote their benefits and explain how to benefit from them, as well as public and private free zones and golden licenses as a mechanism to facilitate and accelerate the start of business activity, obtain all required licenses and permits, and reduce traditional timeframes.
Ahram Online: How is the exchange rate file being managed? Is there real stability?
Minister Saleh: The exchange rate file is being managed with a high degree of professionalism within the framework of a clear monetary policy aimed at reducing inflation, preserving monetary stability, and strengthening the economy’s ability to absorb shocks. What ultimately matters to the investor is the existence of a clear and sustainable framework that allows decisions to be made in a more stable and transparent environment. The IMF, in its latest review, emphasized the importance of maintaining a monetary policy that supports macroeconomic stability and reduces inflation.
Ahram Online: How can long-term investment be attracted amid high global financing costs?
Minister Saleh: Long-term investment looks for clarity of vision, policy stability, institutions capable of implementation, private sector empowerment, and genuine opportunities for growth and expansion. Egypt’s attractiveness to this type of investment is therefore linked to its ability to provide a predictable environment and to connect investment with productive sectors capable of creating added value and strengthening exports.
Meetings with American investment institutions in Washington showed growing appreciation for the seriousness of Egypt’s reforms and clear interest in what is being implemented at the level of policies, procedures, and the improvement of the investment climate.
Ahram Online: Why is the government's offering program moving at a relatively slow pace?
Minister Saleh: The government offerings program is not managed according to the logic of speed, but according to the logic of maximizing the value of state-owned assets, enhancing transparency and governance, and preparing companies properly before offering them. This requires important preparatory work related to readiness, disclosure, coordination with the owning entities, and choosing the appropriate timing.
Work is being carried out through the Sovereign Fund to offer Misr Life Insurance during the coming period. In addition, 20 state-owned companies are being listed on the stock exchange, which supports the deepening of the capital market and increases liquidity.
Ahram Online: How are new financing tools such as sukuk and green finance being employed?
Minister Saleh: We are working to diversify financing instruments and expand the investor base in a way that strengthens the economy’s ability to attract long-term capital into productive sectors and projects with developmental and environmental dimensions. Sustainable finance instruments represent an important field, whether in relation to green finance or sustainability-linked tools.
We are also working to strengthen the Egyptian carbon market because of the new investment opportunities it provides, alongside supporting Egyptian companies’ ability to comply with international standards. The Financial Regulatory Authority has approved the regulatory framework for the voluntary carbon market and has confirmed that the market offers new investment opportunities and encourages the development of sustainable finance products.
Ahram Online: How is investment being linked to foreign trade, and how is this reflected in industrial localization?
Minister Saleh: There is an important shift underway: linking investment with foreign trade so that incentives become tied to export performance. This approach supports technology localization, deepens industries most closely connected to Egypt’s development priorities, increases added value, and strengthens competitiveness in global markets.
Investment is not separate from trade. Effective targeting of major investment entities must be linked to Egypt’s efforts to increase exports and improve the trade balance. Attracting investment is no longer only about meeting the needs of the local market; it now goes beyond that to strengthening exports and turning Egypt into a regional hub for investment and trade, especially given that the state possesses the assets and capabilities that qualify it for that role.
Ahram Online: Golden licenses were the beginning. Is there a new generation of smart incentives, especially for technology and artificial intelligence sectors?
Minister Saleh: Yes. There is a clear orientation toward developing tools more suited to the nature of start-ups and the innovation-based economy, because these companies cannot be evaluated or supported using the same traditional tools. For this reason, we are working to develop the methodology of the Economic Performance Sector at the General Authority for Investment to support the evaluation and financing of start-ups and facilitate capital increase procedures.
Work is also underway on tools such as special-purpose acquisition companies, which would provide start-ups with a better route to capital markets. This is taking place alongside the expansion of specialized funds directed toward priority sectors, including the medical sector, in a way that supports innovation and opens the door to new investments in healthcare and medical technology.
In parallel, we are developing mechanisms for evaluating and financing start-ups and facilitating capital increase procedures as part of an ambitious plan and vision to change and develop the economic performance methodology within the Investment Authority, in support of ongoing efforts in this field.
Ahram Online: How do you view digital transformation within the investment environment ecosystem?
Minister Saleh: Digital transformation is one of the main paths for improving the efficiency of the investment environment, enhancing trade, and facilitating investors’ dealings with different government entities. We are working along two tracks: a short-term track aimed at accelerating priority services, simplifying procedures, and improving connectivity among entities; and a longer-term track aimed at building an integrated digital system that connects the entire life cycle of a company, from establishment to operation and expansion. This is a core part of developing government services and raising their efficiency.
Ahram Online: Is Egypt moving toward becoming a regional investment hub?
Minister Saleh: Egypt is well qualified to strengthen its position as a regional investment hub, given its large market, distinguished geographic location, strong infrastructure, wide-ranging trade agreements, and ability to connect production, export, and access to markets. The current focus is on translating these strengths into real investment opportunities that support industry, services, and expansion into external markets.
Ahram Online: How do you see the future within Egypt’s economic vision?
Minister Saleh: Egypt is not waiting for the future; it is making it. We are working to build an economy led by innovation and entrepreneurship, and based on a young generation with strong technological capabilities. Economic success does not rest on a single company, but on an ecosystem capable of producing success stories on a continuous basis.
Egypt today has become one of the most dynamic start-up environments in the region, with clear expansion in incubators, accelerators, and financing, as well as stronger links between universities and industry. The future of the Egyptian economy is tied to our ability to continue building a more productive and competitive model based on empowering the private sector, improving the efficiency of the business environment, enhancing the quality of government services, deepening industry, expanding the export base, and supporting innovation and entrepreneurship.
Ahram Online: What distinguishes the current phase in Egypt, in your view?
Minister Saleh: We are moving into a phase based on actual implementation, not policies alone. There is a focus on improving the investment climate, addressing operational challenges, and aligning policies with investors’ needs. The private sector’s contribution has risen to around 66 percent of total investments in the first quarter of the current fiscal year, which is an important indicator of the government’s commitment to empowering the private sector.
Ahram Online: What is your message to international investors?
Minister Saleh: The message is clear: Egypt is moving quickly, proactively, and seriously, with consistency in policies, clarity of vision, and continuous communication with financial and business communities locally and globally, toward building a more stable, competitive, and transparent economy that strengthens the confidence of international investors, while focusing on sectors of developmental priority.
Expansion into African markets through the Sovereign Fund also opens new horizons for shared growth and strengthens Egypt’s position as a regional investment hub. There is full commitment to the reform path, to enhancing the role of the private sector, and to continuously improving the investment environment. I stress that the present moment represents a real opportunity to enter the Egyptian market.
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