Head of «Egyptian-African Businessmen»: We appreciate the transparency and honesty of the Prime Minister during the announcement of the state’s plan in the light of the economic crisis

Hani Fathy

Dr. Yousry El-Sharqawy, Chairman of the Board of Directors of the Egyptian-African Businessmen’s Association, confirmed that he was attending the press conference held by Dr. Mostafa Madbouly, Prime Minister, eagerly followed to announce the state’s plan to deal with the current economic crisis. , which impressed us with the adequate explanation given by the Prime Minister on the scale of the problem facing the world. the resulting volume of global inflationary waves and price differences in many basic commodities, the most important of which are wheat and oil, reflecting the scale of the problem facing the Egyptian government, which if it were not for its proactive measures with economic reform and other important measures in national projects and infrastructure did not have the capacity to cope with the economic crisis due to the Corona pandemic and the global crisis that now followed.

We also appreciate all the axes of this plan in a reassuring way for the citizen in general and the investor in particular, with a view to reaching $ 40 billion immediately, while activating private sector participation to access and enable participation in state assets at 10. billion annually over a period of 4 years, with the participation of Two companies affiliated with the public business sector and two companies affiliated with the armed forces, with a total of ten companies.Of course, this will help to increase jobs and to improve citizens’ incomes amid current conditions and challenges.

We were also pleased to place the industrial sector among the top priorities. We listened to the unprecedented measures related to supporting this vital sector, locating the industry, and deepening the local product with specific measures, such as the provision of 25% of products in the items imported for their manufacture in Egypt with special incentive packages for those entering these industries, as well as the transformation of industrialized countries into a usufruct system for periods, improving the climate of competitiveness , the separation of the supervisory authorities from the executive authorities, as well as working with all methods, facilities and incentives to increase the volume of exports and reach $ 100 billion within 3 years Important measures in the provision of foreign exchange in unconventional ways such as sovereign sukuk, green effects, japanese samurai effect e, China bonds and other potential markets, and reconsideration of doubling investment incentives in the Suez Canal, Upper Egypt and Sinai regions, all of which are unprecedented instruments seeking hope and optimism.

The conference also assured us of the Egyptian state’s zeal to consistently lead the next phase with serious work to preserve investors, as it allowed the exit of nearly $ 20 billion for investors with hot money within a short period of time to confidence of foreign investors in investing in Egypt, and Egypt’s receipt of 12 One billion dollars from the brothers in the Gulf countries is an unforgettable donation in light of the current crisis, and this money will go into joint investments that are able to to grow in the light of the structural reforms undertaken by the state to deal with bureaucracy and administrative problems to ensure the implementation of what is set out in this strict plan in the light of the introduction of digital technology for more Out of 160 services within ‘ a few months for the investor and the citizen will be activated. to take advantage of, which will help to achieve very good rates in reducing unemployment rates by expanding fruitful productive projects with the mind of the private sector, which 4 years ago could not go on alone in giant projects.

We reaffirm that what came to this important meeting is a sufficient explanation of the importance of national projects and the need to pursue them in the order of priorities and in a way that strikes the required balance between continuity and the head of the crisis in a coherent and balanced way is inevitable, necessary and reassuring for the financial and business community and the local and foreign investor, and that thought tends to announce incentive packages To some activities and special projects in some areas of new cities and establish new urban expansion with tax incentives that could amount to a tax exemption for a period of 5 years This is considered one of the important mechanisms that will drive and attract local domestic investment as well as foreign direct investment, and we would like to express gratitude and appreciation to the government. We reaffirm that the Egyptian private sector is standing side by side to overcome this crisis, especially as we have seen a major effort in serious efforts to provide basic commodities and expand the increase in wheat stocks in many and varied ways, as well as many food commodities, which ensure the stability of financial policy and the stability of the Egyptian state and the confidence of traders It is in all economic axes, that will be the cornerstone and the axis of bitterness Hela Al-Aqla, who is the state’s full evaluate understanding of the current conditions and the full knowledge of how to overcome them, which was made clear by his comprehensive vision of the mechanism to deal with inflation that comes from costs or from shortages in supply, either internally or from global supply chains, and Explains the mechanism of the Central Bank of Egypt’s handling of its policy in the light of any global changes taking place since the Federal Res. during the next phase, which the Prime Minister emphasized that he and his government will take into account the interest rates arising from any forthcoming changes within the limits of specific criteria, and this will be in the future and in the plan and budget for the following year.

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