EABA chairman : We are waiting for government solutions and we are preparing to put our hand in the hands of the state. I would like to thank the Egyptian government for this form of transparency and high frankness in this international conference.
Dr. Yousrey ElSharkawi, Chairman of EABA, confirmed that he eagerly followed the press conference held by the Prime Minister, Engineer Mostafa Madbouly, to announce the state’s plan to confront the current economic crisis. The size of the problem that the world has not faced during the past 100 years and its impact of 12.6 trillion dollars, equivalent to 5 times the African GDP, and the consequent volume of global inflation waves and price differences in many basic commodities, the most important of which are wheat and oil, which reflected the size of the problem The Egyptian government faces, and without its proactive measures in economic reform and other important measures in national projects and infrastructure, it would not have been able to face the economic crisis as a result of the Corona pandemic and the global crisis that followed now.
We value all the axes of this plan in a reassuring manner for the citizen in general and the investor in particular, targeting the achievement of 40 billion dollars immediately with activating the participation of the private sector in enabling entry and participation in state assets at a rate of 10 billion dollars annually over a period of 4 years, with the participation of two companies Two subsidiaries of the public business sector and two subsidiaries of the armed forces with a total of ten companies, of course, which will contribute to increasing job opportunities and improving the citizen’s income in the face of current conditions and challenges. We were also pleased to put the industrial sector among the most important priorities. The local product, with specific measures, such as setting 25% of products in the items imported for their manufacture in Egypt, with special incentive packages for those who enter these industries, as well as converting industrial lands into a usufruct system for periods of time, improving the climate of competitiveness, separating the supervisory authorities from the executive authorities, as well as working in all ways facilities and incentives to increase the volume of exports and reach $100 billion within 3 years, and that this file will be a priority, in addition to what will be achieved The state took important measures in providing foreign exchange in unconventional ways, such as sovereign sukuk, green bonds, Japanese samurai bonds, China bonds, and other potential markets, and reconsidering doubling investment incentives in the Suez Canal, Upper Egypt and Sinai regions, which are all unprecedented tools that call for hope. and optimism.
The conference confirmed to us the keenness of the Egyptian state to lead the next phase steadily with serious work to preserve investors, as it allowed the exit of nearly 20 billion dollars for investors with hot money within a short period in order to preserve the confidence of the foreign investor in investing in Egypt, and Egypt’s reception of 12 billion dollars A dollar from the brothers in the Gulf countries is an unforgettable endowment in light of the current crisis, and this money will enter into joint investments capable of growth in light of the structural reforms that the state is undertaking to treat bureaucracy and administrative problems to ensure the implementation of what was stated in this tight plan in light of the introduction of digital technology for more than 160 services will be activated during for the investor and the citizen to benefit from within a few months, which will help achieve very good rates in reducing unemployment rates through the expansion of fruitful productive projects with the thought of the private sector, which was not able to enter into giant projects alone 4 years ago from now.
We stress that what came in this important meeting of a full explanation of the importance of national projects and the need to continue them according to the order of priorities and in a manner that achieves the required balance and balance between continuity and facing the crisis in a coherent and balanced manner is inevitable, necessary and reassuring for the financial and business community and the local and foreign investor, and that the thought is heading towards announcing incentive packages To establish some activities and special projects in some areas of new cities and new urban expansion with tax incentives that may amount to a tax exemption for a period of 5 years. It is considered one of the important mechanisms that will drive and attract local internal investment as well as foreign direct investment, and we would like to express our sincere thanks and appreciation to the government We affirm that the Egyptian private sector stands side by side in overcoming this crisis, especially that we have seen a great effort in serious attempts to provide basic commodities and expand the increase in wheat stocks in many and varied ways, as well as many food commodities, which ensures the stability of financial policies and the stability of the Egyptian state and the confidence of dealers It is in all economic axes, which will be the cornerstone and the axis of The next trip appreciates the state’s full understanding of the current conditions and the full knowledge of how to overcome them, which was evident through the comprehensive vision I presented about the mechanism of dealing with inflation coming from costs or coming from shortages in supply, whether internally or from global supply chains, and explaining the mechanism of the Central Bank of Egypt’s dealing with its policy wise in the face of any global changes that occur from the Federal Reserve during the next stage, which the Prime Minister stressed that he and his government take into account the interest rates resulting from any upcoming changes within the limits of specific criteria, and this will be taken into account in the future and in the plan and budget for the next year.