Egyptian President Mohamed Morsi, in his first visit to Israel since taking office in 2014, has made a series of announcements to make Egypt more attractive to Israeli investors.
The new Egyptian president has made numerous visits to the occupied West Bank and Jerusalem.
Morsi has been touring Israeli settlements and taking stock of his country’s security situation.
The Egyptian president also is making the announcement that Israel will become Egypt’s first foreign investment destination.
Morsi’s announcement was welcomed by both Israeli and Palestinian investors, who are hoping to see a new era of investment in the West Bank.
Morsi’s visit is an opportunity to renew the Egyptian economy, the Israeli investor said.
The Egyptian president’s announcement came in a speech to Israeli businessmen in Jerusalem.
“The country’s economic growth will accelerate and the new investments will boost Egyptian investment,” Morsi said.
“Egypt is a modern country with a good investment climate.”
Maghazim al-Fahm, an investment manager in Gaza City, said the Egyptian government should have taken more steps to strengthen investment.
A recent report from the Israeli Investment Agency said Egypt’s economic output had risen from about $400 billion in 2008 to about $1 trillion in 2014.
The agency attributed the jump to a strong growth in the country’s tourism industry, a rising middle class, and new investments.
Israeli companies are investing in Egypt’s energy, telecommunications and health sectors, while some Israeli firms are investing heavily in the Palestinian territories.
Egyptian President Mohamed ElBaradei is making Egypt his first foreign investor destination.
The announcement is welcomed by Israel’s Ministry of Foreign Affairs and the International Monetary Fund.
Miles Ozer, an Israeli investor, said he is planning to invest in Egypt after his meeting with the Egyptian president.
In January, Morsi was elected president and is widely expected to push for reforms that would help the economy.
As part of his campaign, he said that his government will introduce reforms in order to boost the economy, boost the middle class and boost the Palestinian economy.