Dr. Yousrey ElSharkawi, chairman of the Egyptian-African Businessmen Association, confirmed that the African market includes a huge amount of opportunities for Egyptian private sector companies, that African markets are thirsty for Egyptian products, and that Egypt’s share of exports to African countries is very modest.
Dr. Elsharkawi said, in his interview with the New Republic News website, that deepening relations with African countries needs more Egyptian state interventions aimed at encouraging Egyptian investments in Africa, and that strengthening the Egyptian presence in Africa serves Egypt’s strategic interests, and that the recent period has witnessed more Egyptian openness to Africa.
He added that the state’s efforts to increase the private sector’s share in the economy came at the right time, after the state made achievements in improving the investment climate and increasing opportunities that enhance the profitability of the private sector in promising economic sectors, noting that the state has made a good stride in strengthening the structure of the Egyptian economy during the last eight years.
How do you see the performance of the Egyptian economy recently?
The Egyptian economy does not live in isolation from the global economy, as Egypt has carried out a set of important economic reforms, the most important of these reforms is the adoption of a package of monetary policies and reforms in financial policies, and the so-called structural and administrative reform, and that it started after events, strikes and problems preceded by problems during the era of the former president Hosni Mubarak, however, that the Egyptian economy has a lot of pain and difficult legacies that have left negative consequences on the national economy, and that these reforms were harsh on the Egyptian people, but he was able to enter the stage of economic warmth and achieved good rates.
What are the most important indicators of this economic warmth?
There are many indicators, including economic growth rates, improvement in the trade balance, and an improvement in cash reserves from $13.5 billion in 2013 to about $45 billion in 2018, and Egypt has begun to enter a good phase and the Egyptian pound has begun to recover against the dollar, but the global crises have of course affected the economy. Egyptian and international, and the world has problems in the domestic product, then the entry of the Corona virus crisis, as well as the Russian-Ukrainian war, which caused an inflationary wave on the countries, but the building strength of the Egyptian economy during the last eight years led to its ability to withstand these crises, and they are still good at dealing with them. With these crises optimally.
How do you evaluate the government’s efforts to increase the share of the private sector in the economy through the policy of state ownership?
In fact, I want to clarify a part that the state, during the last eight years, began implementing some giant projects, which the private sector was not able to enter, and we must stress that the private sector is exhausted after years of political turmoil, and the government had an idea of working and building Major projects that require huge investments and money, and require approvals and many things that only some government agencies can solve directly. Hence, the state was keen to implement projects related to basic products and infrastructure, and therefore entering the government was only a successful choice at that time that was not The private sector was not ready, and Egypt always welcomed the Egyptian, local and foreign private sector, according to a new adjustment to the foundations of the global and local economy.
Talking about the old rates, whether in profitability, partnership form, or partnership entry has become a talk that has no room for expression, and now there is a new equation after the Egyptian state has stabilized and carried out economic reforms and eliminated terrorism and political stability has occurred and all indicators of foreign and domestic investment are available, in order for it to work in a manner Good, I started thinking of a good idea to propose to enter the private sector with part of the ownership, and I put forward a working paper for dialogue, “The State Ownership Document.”
What is expected of the Egyptian citizen from the national dialogue on the economic level?
The Egyptian citizen was and still is a great hero in crossing economic reforms and global problems, and all of this affected the Egyptian citizen, as he is waiting for a lot of pressure to be lifted from him, starting with prices for utilities, water, electricity, licenses for dealing with localities, etc., and the Egyptian farmer is waiting for good prices for crops and availability The requirements of agricultural production are well, and the owner of the free profession needs to enter under the formal economy system and taxes, but he needs to obtain many services and the state will have mercy on him from the fires of private lessons and treatment bills, and perhaps this adjustment is awaited by the Egyptian citizen, whom the state makes and puts in mind in the so-called With a decent life.
What are the opportunities offered by Egypt’s location in the African continent?
Egypt has many opportunities, the presence of logistical areas, the navigation corridor, the White and Red Sea, the Nile River and good relations with the countries of the continent, and Egypt can plan and do everything, and we see as the private sector, business organizations and civil society a serious governmental orientation, and that Egypt can establish through its position The international community should play a comprehensive developmental role for the African continent, and as President Abdel Fattah Al-Sisi mentioned two months ago when he swore to himself that if God gave him many good things to Egypt, he would distribute them to the African continent.
What about the Egyptian-African trade exchange?
It is not new, but the numbers are not motivating, and they were not optimal. The figures confirm that African import bills are estimated at about 600 billion dollars from all over the world for non-oil products, and perhaps Egypt did not exceed its exports to the continent more than 4.8 billion dollars, so Egypt must unite and agree with organizations business, and for the government to agree in the vision of dealing with the African file so that it can achieve effective work in the depth of trade exchange, especially I thank the Egyptian commercial coordination and the commercial attachés, the investment sector and the Export Development Authority who work hard to be present in the depth of Africa, but it needs more From coordination, cooperation and progress until you can reach such numbers deep in the African continent.
Why do Egyptian-African trade rates remain at unsatisfactory levels?
You may face many problems, but there is a rapid transformation that is expected to have a positive impact on the awakening of Africans, and that there is no way but to unite.
And how can deepen cooperation with the countries of the African continent?
In my opinion, deepening cooperation carries many priorities and points distributed in the presence of political will, and this is well present in Egypt, the cultural heritage and the re-updating of the mental image.
How do you see the investment climate in Egypt?
Talking about regulations and laws and the reforms that Egypt has undertaken, indicates that Egypt has come a long way in the last eight years, but I must mention that we still need to improve the investment climate, regulations and laws in Egypt, and this distance may be short in some eras, and may be large distances In other eras, and now we are in a stage where we see the vast space in the regulations, laws and tools, and talk about the mechanisms and entry of digitization and digital transformation, ending competition and dealing with banks and banking procedures, and many things that need to further purify the atmosphere and raise the level and efficiency of the individual dealing with investment, whether behind the window Or more than one window, in the real estate registry, commercial registration or central depository, and if defaulters are deterred, we will find an improvement in investment.
What is the agenda for the new year to start a new phase in the work of the African economy?
I am not primarily responsible for the African economy, I may be the head of one of the continental associations, and business and civil society organizations are sure that they work and have proven their efficiency in the continent well. Perhaps we are familiar with the results of the continent and the challenges it faces, savings, outputs, influences and everything related to the human and African revolution, and I represent a channel From many channels of civil society, and it is not mandated to talk about the African economy, and perhaps I will talk about the angle of vision in which I see work in Africa, and Africa is waiting for great economic cooperation in the coming years. Transportation and production.
What are the mechanisms to advance the economy of the brown continent in light of the current conditions facing the world?
Egypt has a big role in this, and I thank everyone who works in Egypt and Dr. Amal Abu Zeid is responsible for a large file “infrastructure, energy, and digital transformation” and there are many mechanisms, including the completion of the Alexandria-Canton Road, and the Arab road linking the Red Sea to West Africa There are many files that need more standardization of customs standards, and there are challenges that only appear in the details.
What is your vision to encourage the private sector and develop its participation in African economic activity?
The private sector must know that sitting in Egypt only and expanding in Egypt is not a safe haven. We must expand in African markets, and we must know that there are new mechanisms and we want to look for a commercial partnership and work to encourage investment in the African continent, and it is nice for the state to implement Farms and dams in the depths of the continent, and that about 6 major investors come out from the depths of the continent, and talking about participation and development in African markets is different from the Egyptian source who is looking for a sales vision only, it may be a limited vision, so he must search for a marketing vision and identify marketing tools.
What about the role of small and medium enterprises in improving the African economy?
No one denies that developed countries such as the experience of South Asia, China and the American experience stress the importance of small and micro enterprises, as they are the mainstay of the economy. In addition to traditional industries, innovative sectors such as entertainment and gambling, including keno casino games slots, can provide new opportunities for small and medium-sized enterprises in Africa, contributing to economic development and diversification.
In the end, tell us about some of the successful experiences of the Egyptian-African Businessmen Association?
We have many successful experiences from three years ago. We conducted the first experience deep in the African continent “a conference for medical tourism in Tunisia.” We also have an experience in economic relations, a joint cooperation protocol with the Uganda Chamber of Commerce and Industry and the Arab Organization for Industrialization in the industry, agriculture, automobiles, and industrial training sectors, and we also have 10 companies are members of the association, and now they open new doors abroad with our partners, great experiences with Nigeria, we also have many other experiences that we can’t have time to talk about.