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Dr. Yousry El-Sharqawy, Chairman of the Board of Directors of the Egyptian-African Businessmen’s Association, stressed the importance of what came at the press conference held by Prime Minister Mostafa Madbouly, to announce the state’s plan to curb the current economic crisis.
Al-Sharqawi said the Prime Minister had provided a full explanation of the scale of the problem the world had not seen in the last 100 years and its huge economic impact, which led to losses of $ 12.6 trillion , equal to 5 times the African GDP, and the subsequent volume of waves Global inflation 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 in economic reform and other important measures in national projects and infrastructure, would not have been able to cope with this economic crisis due to the Corona pandemic and the global crisis that followed.
Al-Sharqawi added: We reassure all the axes of this plan in a reassuring way for the citizen in general and for the investor in particular, with a view to achieving $ 40 billion immediately through the participation of the private sector. activate sector to enter and invest in state assets at $ 10 billion annually within 4 years, and also, with the participation of two companies attached to the public business sector and two companies attached to the armed forces, with a total of 10 companies, it will contribute to increasing employment and improving the citizen’s income in the light of current conditions and challenges The essential sector, the localization of industry, and the deepening of the local product with a specific plan, such as to introduce 25% of the products in the items imported for their manufacture. Egypt with incentive packages, especially for those entering these industries, as well as transforming industrial lands into a system of usufruct for periods, improving the climate of competitiveness, and separating the regulatory authorities from the authorities The executive branch as well as working in all ways, facilities and incentives to increase the volume of exports and reach $ 100 billion in exports within 3 years, and that this file will be a priority In addition to the important measures that the state will take to foreign exchange in unconventional ways provided, such as “sovereign successes, green bonds, Japanese samurai bonds and China bonds” and other potential markets, and reconsideration of doubling investment incentives in the Suez Canal, Upper Egypt and Sinai regions. All of these are unprecedented tools that demand hope and optimism.
The Prime Minister’s conference reaffirmed the Egyptian state’s eagerness to lead the next phase steadily, while working hard to preserve investors, as it allowed the exit of nearly $ 20 billion for investors with hot money in a short period of time to the confidence of foreign investors in investing in Egypt Egypt’s receipt of $ 12 billion from its brothers in the Gulf states is an unforgettable donation in light of the current crisis, and this money will go to joint investments that are able to grow in in the light of the structural reforms that the state has undertaken to address 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 than 160 services provided during the course will be activated for the benefit of the investor and the citizen, which helps to achieve good rates in reducing wages sheids figures by expanding fruitful productive projects with the mind of the private sector, which was unable to engage in giant projects alone 4 years ago from now on.
Al-Sharqawi said the Prime Minister was keen to review the importance of national projects and the need to pursue them according to the order of priorities and in a way that strikes the required balance between continuity and the crisis on a achieve coherent and balanced way. , which is a vital, necessary and reassuring matter for the financial and business community and the local and foreign investor, and that there is a tendency to announce packages New incentives for the establishment of some activities and special projects in some areas of new cities and new urban expansion with tax incentives that could amount to a tax exemption for a period of 5 years, and this is one of the important mechanisms that will drive and attract domestic domestic investment as well as foreign direct investment, and we would like to sincere Our thanks and appreciation to the Egyptian Government, and we reaffirm that the Egyptian private sector is side by side to overcome this crisis, especially as we have seen a great effort in serious efforts to provide basic commodities and the increase in wheat stock expand with many and varied methods, as well as many food commodities, which increase the stability and s stability of financial policy ensures The Egyptian state and the confidence of its traders in all economic axes, which will be the cornerstone and pivot The next phase, the evaluation of the state’s full understanding of the current conditions and the full knowledge of how to do it overcome, as evidenced by the comprehensive vision it offered on the mechanism of dealing with inflation arising from costs or from a shortage of supply, either internally or through global supply chains, and explaining the mechanism of dealing with the Central Bank of Egypt With its wise policy in the light of any global changes taking place from the Federal Reserve during the next phase, the Prime Minister emphasized that he and his government are taking the interest rates resulting from any forthcoming 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 d.