Minister of Petroleum and Mineral Resources Tarek El Molla participated in a ministerial session entitled “The Role of Governments in Preparing the Region as an Attractive Destination for Investment in Mineral Production” within the activities of the Future Minerals Forum in Saudi Arabia, the ministry said in a statement.
The session was attended by Mohammed Al-Jadaan, Minister of Finance of the Kingdom of Saudi Arabia, Ahamed Nazeer Zainulabdeen, Minister of Environment of Sri Lanka, Mark Bristow, President of Canada’s Barrick Gold Corporation, and Andrew Southam, President of Kaz Minerals.
During the session, El Molla said that Egypt attaches great importance to developing the mining sector and increasing its contribution to the national income in the light of an integrated strategy that has been applied in recent years to develop this important sector and has already succeeded in attracting many international mining companies to work in this field in Egypt.
El Molla added that the development process began with conducting the necessary studies for all aspects of the mining system in Egypt, identifying strengths and weaknesses, and then developing them by benefiting from the best international practices in this field and selecting the best aspects of them that can be implemented in Egypt, in order to prepare a roadmap for reforming and developing the mining sector.
Indeed, the necessary legislation was issued to attract investors, overcome the challenges facing the mining field, and facilitate procedures and the process of issuing licenses to investors, in addition to implementing training programs to develop the skills and capabilities of the human element, as well as expanding marketing operations and promoting investment opportunities in the field of mineral wealth in Egypt, El Molla noted.
El Molla indicated that the mining sector is continuing its development processes and seeks to make the year 2023 a distinguished year in this field, attracting more international mining companies, developing partnerships with international investors in the field of mining, and continuing to conduct infrastructure development operations, which is an attractive factor for investments. The minister explained that Egypt is interested in expanding manufacturing projects from mineral raw materials to increase the added value.
The session witnessed a discussion of the role of governments in attracting investments in the mining sector, highlighting investment in mining in Africa, East and West Asia. Moreover, the participants highlighted the importance of dialogue with the private sector to achieve benefits for all parties, especially in light of the current global challenges.