Dr. Hala Al-Saeed, Minister of Planning and Economic Development and Governor of Egypt at the Islamic Development Bank Group, and chair of the Bank’s Board of Governors, inaugurated the Private Sector Forum, which is being held on the sidelines for the first time. of the meetings of the Bank’s Board of Governors, with the participation of representatives of large companies and business institutions at the local, regional and international level As part of the activities of the annual meetings of the Islamic Bank 2022 held during the period from 1 -4 June in Sharm El-Sheikh; Under the auspices of President Abdel-Fattah El-Sisi, the President of the Republic under the slogan “After the recovery of the pandemic: resilience and sustainability”.
The opening of the forum was attended by Dr. Muhammad Al-Jasser, President of the Islamic Development Banking Group, and the group’s CEOs, a number of heads of regional and international development and funding institutions, and representatives of the private sector.
Dr. During her speech, Hala Al-Saeed expressed her pride that Egypt is hosting the meetings of the Islamic Development Bank Group for the first time in 30 years, emphasizing that the purpose of the “Private Sector Forum” is to address all private sector development efforts in member states.
Al-Saeed pointed to the challenges facing the world due to various shocks, and pointed to the Covid-19 crisis, then the repercussions of the geopolitical crisis and the pre-full recovery of the Russo-Ukrainian war. of the Corona crisis, and emphasizes that all these repercussions affect virtually all countries of the world, which is the issue that necessitates cooperation and gives more space to the private sector to participate in development efforts.
Dr. Hala Al-Saeed said the private sector is a key partner in development efforts in all countries, stressing that this period is more urgent for more such partnerships and support to help provide more jobs.
The Minister of Planning and Economic Development and the Governor of Egypt at the Islamic Development Bank Group, and the Chairman of the Bank’s Board of Governors reviewed; The Egyptian state’s efforts within the framework of the work to involve the private sector in the development process, noting that Egypt launched the economic and social reform program in 2016 and its first phase, which was based on three main directions: financial reform, monetary reform, and the creation of infrastructure for more private sector participation.
Dr. Hala Al-Saeed continued; The investments that Egypt has invested in infrastructure in recent years have been aimed at providing a quality of life for the Egyptian citizen, and at attracting local and foreign private sector investments, indicating the development of the road network, ports and electricity.
Al-Saeed referred to the second phase of the economic reform program, which is the structural reform program aimed at preserving the profits of the first phase of economic reform, and explained that it was necessary to look at an important part and component represented in the real economy component, so that the focus of the second phase was on the productive sectors.
Al-Saeed added that there is a need for the Egyptian economy to be more able to cope with shocks and crises, noting that the Ministry of Planning and Economic Development has drawn up the last part of that plan before the crisis of the Covid 19 pandemic, to take place in accordance with the approach that the Egyptian state always follows in a participatory manner, and explains that a group was held. in April 2021.
Al-Saeed added that the plan of the National Structural Reform Program is based on increasing the relative weight of the sectors of industry, agriculture, communications and information technology, as these are the three productive sectors that can support the economy.
Al-Saeed stressed that the real economy and the productive sectors are the basis for economies to face any crisis The challenges facing the sector, and work to facilitate it by developing an action plan to overcome these obstacles to eliminate, for a rapid process of automation in customs and taxation, note the establishment of incentives to locate certain industries, which contribute to accelerating more participation of the private sector.
Al-Saeed also referred to the Egyptian state and the Prime Minister’s announcement a few days ago that the state would leave a number of sectors and place those sectors on the private sector, emphasizing that the state’s investments since 2014 to creating the investment environment an exceptional period that came after a period of political and security instability. In an extraordinarily short period of time, the state has pumped up a large volume of investments to increase the quality of infrastructure and prepare it for the private sector.