Minister of Tourism and Antiquities Sherif Fathy met with Minister of Investment and Foreign Trade Hassan al-Khatib and Minister of Housing Sherif al-Sherbiny on Tuesday to discuss ways to boost investment in the tourism sector.
The three ministers agreed to transform the state’s goal of increasing tourist numbers into a national project that is commensurate with the political leadership’s focus on this issue.
They also agreed to form a working group comprised of representatives from the three ministries and their affiliated agencies to develop a tourism investment plan aimed at tripling the number of tourists in the coming years.
The plan would include investment models and partnerships that incentivize tourism projects, as well as methods to encourage foreign investment in the Egyptian tourism sector.
During the meeting, Fathy emphasized that stimulating investment in the tourism sector, in line with the state’s objectives for this sector, necessitates the implementation of prior approvals for land allocated to tourism projects, expediting the procedures required to commence operations, and standardizing and fixing fees for a specific period.
This, he explained, will encourage the attraction of foreign direct investment.
Ambitious investment plans
The Ministry of Tourism and Antiquities aims to transform the current investment map from a static document into a comprehensive portfolio of investment opportunities, he said, complete with a full package of measures, legislation, and incentives designed to attract investors while simultaneously fulfilling the state’s obligations and rights.
Khatib emphasized the importance of developing a clear investment plan for the tourism sector.
This plan should outline investment opportunities across Egypt and specify the number of hotel rooms targeted for addition in various regions and cities.
This will contribute to achieving the goal of attracting 30 million tourists by 2030 and aiming to double that number in subsequent years, he explained.
Adopting streamlined and attractive investment models for public-private partnerships in the tourism sector will be of great importance, he said, alongside implementing the incentives stipulated in the law and offering the Golden License to developers and investors.
Sherbiny stressed the need to strengthen public-private partnerships, according to a model specifically designed for hotel projects, and to price land allocated for these projects accordingly.
He also emphasized the necessity of expediting procedures related to these projects and stabilizing fees to allow tourism investors to conduct clear feasibility studies for their projects.
