Egypts newly reshuffled cabinet has pledged to help Egypts struggling economy get back on track after three years of political turmoil.
The ministry will work on creating the appropriate climate to lure local and foreign investments, upgrading the competitiveness of Egyptian products, said minister of industry, trade and small and medium-sized enterprises, Munir Fakhry Abdel Nour a day after being sworn in to power on 17 June.
The new cabinet, which includes many ministers from the previous interim government, was sworn into power on 17 June following the inauguration of ex-army chief Abdul Fattah al-Sisi as president earlier in the month.
Several new ministries have been created, with an Investment Ministry set up specifically to attract foreign direct investment (FDI) into the country.
Egypts Prime Minister Ibrahim Mehleb, also the PM in the interim government, has appointed ex-investment banker Ashraf Salman as investment minister.
Salman was previously the co-CEO of Cairo Financial Holding and held a number of executive positions at other companies. He has now resigned from his existing business commitments following his appointment to the new cabinet.
Foreign investment into Egypt fell after former president Hosni Mubarak was removed from power in 2011.
Since then, foreign aid from Gulf countries has propped up the countrys economy. Approximately $12bn of aid was pledged by Saudi Arabia, Kuwait and the UAE in mid-2013 after the military ousting of Muslim Brotherhood-backed president Mohamed Mursi.
With Al-Sisi elected to power, the new government is aiming to move away from relying just on aid and concession loans and towards attracting direct foreign investment.
Gulf investors have already demonstrated appetite, with UAE-based Arabtec Holding signing a $40bn deal earlier this year to build 1 million new homes. UAE construction firm Al-Habtoor Group is also eyeing opportunities to invest in the North African country, according to a note on the Investment Ministrys website.
Other new ministers to the cabinet include Sameh Shoukry as foreign affairs minister; Hany Dahy, as the transport minister and Naglaa el-Ahwany as international cooperation minister.
Shoukry was the former Egyptian ambassador to Washington DC, but retired in 2012. Dahy was former head of the Egyptian General Petroleum Corporation (EGPC), while El-Ahwany was the former economic consultant to Egypts cabinet in 2011.
The new cabinet includes a total of 20 ministers from Egypts interim government and 10 new ministers.