(Photo Courtesy of presidency)
President Abdel Fattah Al-Sisi gave his speech before the Egyptian Chinese Business Council in China early Tuesday, inviting Chinese investors and companies to actively participate in the March 2015 Economic Summit in Egypt.
“I come bearing a message from the Egyptian people, who made two revolutions within three years in order to regain their country and redirect their revolution to the right direction,” the Egyptian President said. “This population is now inviting you to form a serious partnership and have constructive cooperation to achieve development.”
Al-Sisi said the Egyptian economy was in a “very difficult position” 16 month ago, with inflation reaching its highest rates, international agencies lowering the country’s credit ratings, and the fleeing of foreign investments.
He added that the enormous economic challenge launched the potential among the people to face it. He pointed out that several hierarchical reform policies needed to be made, such as cutting energy subsidies by EGP 6bn, adopting expansionary fiscal policies and announcing various developmental projects, along with some projects for small and medium enterprises.
Al-Sisi stated that serious steps have been taken to improve the investment climate in Egypt for local, Arab and foreign investors.
Discussing the economic improvements witnessed in the country, the president stated that the World Bank has anticipated a 3.1% economic growth in 2015 and 3.6% in 2016. He added that the government is targeting a 7% growth by 2020.
The president pointed out that the Egyptian capital market has surpassed 9,000 points in August, a first since 2008, while international foreign reserves have stabilized at $17bn.
Al-Sisi mentioned that there was an increase in the levels of foreign investments, adding that the government is aiming for investments valued at $10bn during the next fiscal year.
Al-Sisi also highlighted that international credit agencies have ameliorated the rating for the government and banks, improving the economic outlook for the country.
