The Egyptian-African Businessmen Association Headed by Dr. Yousrey ElSharkawi,participated, At a board conference.
Sharkawi said, That the attendees provided a full explanation about the magnitude of the problem that the world has not witnessed during the past 100 years and its great economic impact, which resulted in huge losses, The volume of global inflation waves and the price differences in many basic commodities, the most important of which are (wheat and oil), followed.
The conference affirmed the Egyptian state’s keenness to lead the next stage steadily, while working hard to preserve investors. 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, Also, Egypt’s reception of $12 billion from the brothers in the Gulf states is an unforgettable stop in light of the current crisis. These funds will be entered 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 that will be activated during the course for the investor and citizen to benefit from. Which helps to achieve good rates in reducing unemployment rates through the expansion of productive projects with the thought of the private sector, which was not able to enter into giant projects alone 4 years ago.
Sharkawi said, The Prime Minister was keen to review 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 consistent and balanced manner. It is an inevitable, necessary and reassuring matter for the financial and business community and the local and foreign investor. And that there is a tendency to announce new 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 tax exemption for a period of 5 years.
ElSharkawi expressed his sincere thanks to the Egyptian government, He affirmed that the Egyptian private sector stood side by side in overcoming this crisis. And he said: “Especially that we have seen a great effort in serious attempts to provide basic commodities and expand the increase in wheat stocks by many and varied methods, as well as many food commodities, This ensures the stability of financial policies and the stability of the Egyptian state and the confidence of those dealing with it in all economic axes, which will be the cornerstone and the focus of the next stage. We value the state’s full understanding of the current conditions and 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 a lack of supply, whether internally or through global supply chains, and explaining the mechanism for dealing with the Central Bank of Egypt with its wise policies in the face of any global changes that occur from the Federal during the next stage. The matter was confirmed by the Prime Minister that he and his government take into account the interest rate hike 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 next year.