PM reviews report on OECD Investment Policy Review of Egypt

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Fri, 03 Jul 2020 - 01:29 GMT

FILE - Prime Minister Mostafa Madbouli

FILE - Prime Minister Mostafa Madbouli

CAIRO - 3 July 2020: Prime Minister Moustafa Madbouli reviewed on Friday a report of OECD Investment Policy Review of Egypt in July, which pointed out that Egypt took steps towards an ambitious reform plan to enhance its national economy and lure local and foreign investments.

According to the report, Egypt's economic growth recorded an increase of 5.5% in 2019, the highest in a decade.

Egypt is the first foreign direct investment (FDI) destination in Africa and the second-highest share of FDI in the MENA region in 2019, the report stated.

The report hailed the Egyptian government's proactive steps to improve the business climate in the country, attract more domestic and foreign investments, and take part in the global value chains (GVCs).

It also praised the government's attempts to boost inclusive growth, reduce political and economic uncertainty to create a sustainable investment environment.

Amid the coronavirus outbreak, the Egyptian government needs to adopt economic recovery measures to enhance the economic resilience, the report said.

The report also offered a package of procedures to promote the transparency of the policy-making processes, to boost cooperation with the government bodies, and incorporate all stakeholder groups.

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