Leaders of banks operating in the Egyptian market say that Egypt currently needs a strong government capable of taking bold decisions that contribute to pushing the economic growth rates.
Deputy Chairman of the Egyptian Arab Land Bank, Adnan El-Sharqawi, said that although Mehleb’s government tackled many issues and problems that previous governments did not, the current phase in Egypt requires a quick reshuffle.
He added that there has been a clear lack of performance of some ministers in the economic sector, namely the ministers of investment, and trade and industry, noting that the performance of the coming cabinet should be stronger.
Sharkawy demanded the newly designated prime minister to appoint ministers capable of making bold and quick decisions, adding that the new government should have a clearer vision for the future of the country’s economy, and work hard to counter corruption.
Mohamed Abbas Fayed, Deputy Chairman and Managing Director of Bank Audi-Egypt, believes that any investor needs an atmosphere of tranquillity. They also need to know the vision and the government’s long-term plan, where they will invest, so they do not be surprised with any changes in laws governing their work in the future that may expose them to crises that affect their investments. Fayed added it is one of the most important things that must be top priority for the new government.
He said that the previous government exerted great efforts to amend many laws to stimulate investments and the economy in general, indicating that the new government should make more efforts in this regard.
He added that the development of the state’s administrative authority is the real challenge for the new government, along with the elimination of bureaucracy, noting that administrative and financial corruption should be countered decisively.
As long as the government has the will and shows commitment to apply the law firmly to everyone, he said, the reform process would not take much time. It may encounter some difficulties in the beginning, but it will succeed with insistence in achieving its objectives, he added.
Tarek Metwally, Deputy Managing Director and Executive Board Member of Blom Bank-Egypt, said that Egypt now needs clear investment policies and legislations, especially with regard to regulating the entry and exit of foreigners in the Egyptian market, and the systems of taxes, customs, and labour.
He added that the Egyptian market has a lot of promising investment opportunities, but it also has significant problems related to investment laws, the system of taxation and customs, and the activation of the one-stop shop, which the new government should also consider.
