The Information and Decision Support Center in the Council of Ministers held a workshop
With the participation of Dr. [Youssrey El-Sharqawy], the international investment advisor and president of EABA, and many economic experts, to discuss ways to benefit from the remittances of Egyptians returning from abroad, and to identify the best proposed mechanisms for integrating them into the labor market in line with the state’s development priorities and serving the requirements of the labor market.
The importance of remittances from workers abroad is due to their being one of the important sources of foreign exchange, helping them reduce the current account deficit and improving the balance of payments situation, as well as their positive impact on the monetary multiplier of the local economy, and their participation in financing infrastructure projects.
The participants in the seminar reached several recommendations, including:
► The necessity of developing an integrated strategy to improve the conditions of Egyptian workers abroad.
► The necessity of establishing a database of Egyptians working abroad at a high level of accuracy.
► Activating the licensing system for practicing the profession in Egypt in various specializations.
► Develop a common vision between the government and real estate developers; To take advantage of the appropriate supporting opportunities to attract Egyptian investors working abroad to set up their investment projects in the Suez Canal axis area.
It is reported that the Egyptian-African Businessmen Association organized last May a conference [Attracting the savings of Egyptians abroad to invest in Egypt in light and after the repercussions of Corona] and the recommendations that came out of the conference were:
The necessity of providing complete, qualitative and specialized packages and databases on Egyptians abroad, provided that they are audited and updated with the possibility of doing this electronically to ensure ease of data collection, presentation and availability, which will provide information that will facilitate dealing with attracting savings of Egyptians abroad to invest in the homeland Egypt to achieve the benefit and the goal and ensure success in that .
The need to work on expanding commercial projects and companies that aim to increase Egyptian exports to the African continent.
Bringing raw materials and commodities to the Egyptian industries, which enables us to benefit by utilizing the expertise and savings of Egyptians abroad.
Inviting major domestic and foreign investors and investment funds to study the possibility of joint international investment with governments and major banks in road projects and logistics areas to connect Egypt with the continent and facilitate benefiting from the size of the African market, which has a strength of 1.2 billion people.
Establishing joint investment incubators between [business community organizations, represented by: the Egyptian African Businessmen Association – Federations, represented by: The General Union of Egyptians Abroad – The General Authority for Investment and Free Zones – The Ministry of Immigration and Egyptians Abroad Affairs – Small and Medium Enterprises Agency – The Central Bank of Egypt – The Egyptian Rural Company – New Urban Communities Authority].
The incubator is an economic and investment link through which to activate the philosophy of employing the savings of Egyptians abroad and qualify some of them to convert them from a saver to an investor in investment conditions and a safe environment for their savings – and provide the necessary for the success of this incubator many facilities [Feasibility studies for different sizes of investments – Training and management – identifying and presenting non-traditional investment opportunities that require small and medium-sized investments and their production is required in the markets] – and many other advantages so that the incubator can produce between 50-100 projects annually from the savings of Egyptians abroad.
Encouraging Egyptian savings owners abroad to establish companies through partnerships among themselves to invest in modern agriculture, greenhouse projects, modern agriculture, as well as livestock projects, as such projects are exempt.
Last August, EABA headed by Dr. “Yousrey El-Sharqawy” signed a cooperation protocol that includes the “Agricultural Bank” headed by Professor “Alaa Farouk” and the General Union of Egyptians Abroad headed by Engineer “Ismail Ahmed”,,, in order to open horizons A new investment in agricultural production, providing job opportunities, reducing unemployment, and standing by the people of Egypt returning from abroad as a result of what was caused by the Corona pandemic.
This protocol aims to create cooperation between Egyptian businessmen and women at home and Egyptians abroad and activate the joint work between the association and the union to discuss proposals and implement events, conferences and discussions to come up with many projects, initiatives and different ideas that are implemented through official channels, and this cooperation serves many economic activities specifically with Brothers inside Egypt and within African countries.