President El-Sisi, at the conclusion of the activities of the Economic Conference 2022: "We, as a country, are committed to implementing all the recommendations of the Economic Conference

Publish Date 26/10/2022 11:34 AM
Last Update 27/10/2022 10:26 AM

The activities of the Economic Conference 2022 concluded with several important recommendations that represent a roadmap for the growth of the Egyptian economy through several sessions to discuss a set of important economic papers aimed at strengthening the capacity of the Egyptian economy It deals with global economic challenges, which include the slowdown in global growth, which coincided with high rates of inflation and unemployment, and the volume of debt reaching record levels, which threatens an inflationary stagnation. It also deals with the ability of the Egyptian economy to withstand in the face of economic crises.

We review the 16 most important recommendations at the conclusion of the 2022 Economic Conference:

1.      Expanding the ownership base by focusing on exit by adopting the stock market offering as a priority.

2.      Increase capital through the entry of a strategic investor

3.      Strengthening the role of Egypt's sovereign fund by transferring a number of state-affiliated companies to it.

4.      Determining time periods for approval of applications submitted by investors, and in the event of a delay in the response of the entity, this is considered an implicit approval to start practicing the activity.

5.      Accelerate the disbursement of export subsidies to the sectors eligible for support, as soon as the supporting documents are submitted

6.      The government aims to maximize the return on state-owned assets through successful multi-mechanism partnerships with the private sector.

7.      Developing industrial exports through programs of “returning export burdens, facilitating access procedures to new markets, activating the role of commercial representation offices and international exhibitions,” and promoting the “START” initiative to support the industrial sector.

8.      Unifying the entity responsible for collecting fees for investors in the tourism sector.

9.      Working on continuing to reduce the debt-to-GDP ratio, extending the repayment period, and continuing to achieve a primary surplus; to promote the state's ability to pay its obligations.

10.  The speed of reaching an agreement with the International Monetary Fund.

11.  The importance of exchange rate flexibility to reflect market dynamics of supply and demand as a tool to absorb external shocks.

12.  Working on activating the derivatives market for currency and futures contracts as a hedging tool against the risks of exchange rate fluctuations

13.  Issuance of an index for the Egyptian pound, denominated in some currencies of the most important trading partners and gold.

14.  Assigning the Industrial Development Authority to issue the industrial license on behalf of all entities within 20 working days.

15.  Automating all procedures so that each investor obtains approvals “electronically”

16.  The Council of Ministers approved a draft “investment incentive” bill for the important sectors in the areas to be developed, and it will be sent to Parliament for approval during the coming period.

It is worth noting that the conference represents a platform for exchanging views between the government, experts and participants in the conference sessions. With the aim of formulating a specific roadmap for action regarding the future of the Egyptian economy through round table sessions with the participation of the government, thinkers, experts and representatives of political parties to ensure the strengthening of channels of communication and interaction, Prime Minister/ dr. Mostafa  Madbouly stressed that the conference aims to agree on the state's economic road map during the coming periods, and to propose clear policies and measures that contribute to increasing the competitiveness and flexibility of the Egyptian economy. The conference will also witness the announcement of a number of incentives for the sector.

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