(Photo courtesy of Egypt’s Cabinet)
Egypt’s economic summit will be held in Sharm El-Sheikh from 13 to 15 March under the title ‘Egypt is the Future’, according to Prime Minister Ibrahim Mehleb.
The summit aims to support the development of the Egyptian economy, and the new date is suitable for and ensure strong participation from Egypt’s international development partners.
Mehleb added that “Egypt is moving steadily toward economic recovery under its roadmap to improve the business climate”. It strengthens investor
confidence in the Egyptian economy and paves the way for implementation of real and comprehensive economic and social reforms.
In a press conference attended by the ministers of social solidarity, finance, and investment to announce the details of the economic summit, Mehleb said: “Egypt hopes to attract billions in foreign investment over the next four years, which will put Egypt on the right track through comprehensive and sustainable growth of the Egyptian economy.”
He said that there will be work on three main points leading up to the summit, the first of which is good summit organisation and consultations with international and local companies specialised in conference organisation. This also includes cooperation with all international institutions and partners, which is the first step on the reform roadmap.
The second includes settling investment disputes and investigating the rights of the investor and the state. The third point entails reviewing all legislation through a higher committee. The most important aspect of this point is enacting laws that will attract investments, create more companies, combat corruption, bring the ‘one-stop shop’ investment window into force, fight bureaucracy, and bring about administrative reforms and transparency.
Mehleb described the “Summit to Develop the Egyptian Economy: Egypt is the future” as an incentive for economic development in Egypt. He said it was also an opportunity for business and political leaders, investors, and international institutions to participate in major development initiatives in various sectors that have been prioritised.
According to Investment Minister Ashraf Salman, the summit is one of the pillars of the economic reform programme aimed at reducing the deficit over the next five years. The government has already announced the restructuring energy subsidies, amendments to the value-added tax, and initiatives to broaden the tax base. The government is also discussing IMF initiatives as well, [c1] and the summit will provide a platform to display all these reforms.
Mehleb stressed that the reforms the government is working on are not just limited to attracting investment, but also to support social security networks. The reforms will also expand health care centres, and develop education services, all of which will help realise increased human development and ensure a better life for Egyptian citizens.
Minister of International Cooperation Naglaa Al-Ahwany said the summit will witness discussion between international business leaders and Egyptian government officials and private sector businessmen on specific investment initiatives.
Egypt has undertaken various initiatives to reduce bureaucracy and ensure investors’ rights. This has included the development of new laws to regulate bids and investment and also formulating a new committee to ensure rapid resolution of commercial disputes.
