FILE – President Abdel Fatah al-Sisi
CAIRO - 9 March 2018: Egypt is steadily working on bettering the business environment by eliminating bureaucracy through implementing firm laws and introducing more incentives to investors, President Abdel Fatah al-Sisi said on Thursday.
In his interview with Oxford Business Group, President Sisi said that the Egyptian government has already issued several viable regulations and laws that consolidate tax reductions and offer several incentives. He cited the issuance executive regulations of Law no. 15 of 2017 issued last August enabling investors to get an industrial license within seven days, instead of 600 days, along with the parallel establishment of the Supreme Council operating under the president’s direct leadership.
Sisi also contended that the government increased a number of large projects to provide more investment opportunities, adding that the Ministry of Investment took huge leaps in attracting foreign investment inflows.
“We are pleased to report an increase in inbound foreign investments during the last period, which indicates that we are moving in the right direction,” he added.
On the ongoing economic reform strategy currently being run by the Egyptian government, Sisi stressed that “the government has taken bold yet necessary moves” to “address structural and macroeconomic imbalances,” adding that reform plan aims at leveling up Egypt’s exports and thus increase its competitiveness to establish more sustainable economic development.
“We are highly appreciative of the endurance, understanding and awareness that the Egyptian people have demonstrated as we pursue our plans for development. Strengthening social protection nets has been important to mitigate the impact of these measures, including inflation,” Sisi added in comment on how the government responds to societal implications of the economic reform program, confirming that the government pushes for procurement policies to encourage more small and medium-sized projects, stressing that improving vocational education lies in the government’s top priorities.
On the regional situation, Sisi said that the Egyptian government has exerted immense efforts to restore its regional statues and resume its responsibilities to the region with having the Palestinian issue at the heart of its priorities.
In his interview with Oxford Business Group, Sisi said that he insists on the Egyptian vision in which Egypt supports political solutions to ongoing regional disputes and casts off the military solution as the sole remedy for such crises.
“I laid out a strategy in my speech at the Arab-Islamic American Summit in Riyadh in May 2017. I reiterated that we need a comprehensive approach that does not limit the international community’s fight against terrorism to military and security measures, but also encompasses political, ideological and developmental dimensions,” Sisi added.