CAIRO - 3 October 2020: Egypt’s Minister of Planning and Economic Development, Dr. Hala El-Said, met on Saturday with the CEO of The General Authority for Investment and Free Zones (Gafi), Mohamed Abdel-Wahab, to review the proposed structural reforms in the short term, in light of the state’s launch of the structural reforms program.
El-Said said that the review of the structural reforms program comes within the framework of the role assigned to the Ministry of Planning and Economic Development in diversifying the productive structure as well as increasing the productive capacity and competitiveness of the Egyptian economy.
She explained that the aforementioned structural reforms are part of the second phase of the economic reform program, as this program targets for the first time the real sector with serious and targeted structural reforms.
El-Said stressed the importance of the private sector's participation in the design, implementation, and follow-up of the structural reforms program as a key partner for development.
“It has become an urgent necessity to confront the recent radical changes in the global economy as a result of the Corona pandemic so that Egypt can benefit from the post-COVID-19 situation,” El-Said said.
El-Said explained that the structural reforms program aims to diversify the structure of the Egyptian economy and increase its flexibility, raise the ability to absorb external and internal shocks, as well as transform the path of the Egyptian economy to become a productive, knowledge-based economy with competitive capabilities in the global economy.
During the meeting, El-Said discussed the importance of the structural reforms program in terms of cooperation between the program and the Erada (Will) initiative to reform the business climate in conjunction with its activation, as she explained that activating the initiative has a positive role within the framework of the structural reforms program.
El-Said indicated that the Erada initiative is based on some pillars, foremost of which is the contribution to reforming the legislative system regulating the business climate, participation in reforming the procedural system regulating the business climate, as well as building the legislative impact evaluation system to support the decision-maker in organizing the practice of economic activities.
The minister of planning added that among the most important works of the Erada initiative, is building and developing a database of legislation regulating the business climate, which includes a large number of legislations and regulations, by partnering with the private sector and building strong relationships with development partners to provide the necessary technical support and maximize its role in legislative and regulatory reform.