Egyptian Finance Minister Mohamed Maait held a bilateral meeting with Yvette Ishoed, Deputy Vice Minister of Foreign Trade for the Netherlands, on the sidelines of the Egyptian-European Investment Conference.
Minister Maait highlighted the adverse effects of geopolitical challenges in the Middle East on trade and investment, expressing optimism for improvement in the situation.
“We are committed to the path of economic reform to achieve economic stability in Egypt and attract more investments. We are also keen on continuously improving the investment climate to encourage both local and foreign private sector investors,” Maait stated.
The minister emphasized the ongoing efforts to strengthen the partnership with the Netherlands across various priority economic sectors, including renewable energy, infrastructure, agriculture, and food industries.
“These efforts are aimed at enhancing opportunities for joint investments between the two countries,” he added.
Maait revealed Egypt’s comprehensive strategy to localize the production and export of green hydrogen in the Suez Canal Economic Zone (SCZONE).
He expressed eagerness to attract Dutch investments in the green hydrogen sector by offering incentives such as tax reductions ranging from 33% to 55% of the owed taxes, along with the ‘Golden License’ that accelerates the implementation of production activities, particularly in renewable energy.
In conclusion, Maait noted, “Egypt leads the Arab world with 32 green hydrogen projects, securing the top position in implementing these projects by the end of March 2024.”
