Ahmed Hossam: Structural reforms of the Egyptian economy and the stability of legislation are required to increase the competitiveness of the business climate
The private sector is a key partner in translating the decisions of the Supreme Investment Authority
Ahmed Hossam Awad, a member of the Egyptian Businessmen Association, stressed that the main goal The most important of the decisions issued by the Council of Ministers at the beginning of activating the Supreme Council for Investment is, on the one hand, encouraging investment, and on the other hand, providing an attractive and competitive environment for capital and the localization of industry and production.
He stressed that these decisions are an important step In improving the investment environment and one of the government’s incentives to attract more foreign investments, and that there are many countries that rely on this type of incentive to attract foreign flows.
Awad said: The decisions are generally positive and will have a role in Increasing direct investment, and in my opinion, it represents a rapid move to solve investment problems, which raises the competitiveness of the business climate in Egypt.
He added that the solution to the current economic crisis is undoubtedly increasing investment and encouraging the local investor as a positive message. To attract Arab and foreign capital.
He pointed out that the private sector is a key partner in the success of any steps to achieve a boom in direct investment, which will have a positive return on the economic and social level, especially since the private sector is the largest employer of employment.
He stressed the need to restructure the economic sectors in line with the current conditions at the local, regional and global levels, especially in the industrial and agricultural sectors.
He stressed that the decisions issued by The Supreme Council for Investment represents a solution to many big problems, indicating that the step of allowing the foreign supplier to be registered in the suppliers’ register and unifying the opportunities to bring together all local, Arab and foreign investors is a message of confirmation that the opportunity is available to everyone and that there is no monopoly on investment, trade or business in Egypt.
He said that the direction of the political leadership to hold the council’s meetings periodically once a month instead of three months confirms the keenness of the political leadership on the importance of addressing and radical treatment of any current or future economic problems, indicating that we have to correct the mistakes And that these decisions be the beginning of a new era for bold encouragement of investment, especially since we are in a difficult and exceptional stage that requires exceptional measures as well.
He stressed that in addition to attracting capital as one of the goals of these decisions, the work of the Supreme Investment Council is also required in parallel. The stability of economic legislation, especially with regard to taxes, customs and fees, pointing out that these advantages already exist in the surrounding markets, but we have many advantages that make Egypt the land of endless opportunities, especially in light of the availability of trained and young manpower and the large infrastructure that Egypt has witnessed during the past years and most importantly The Great Market.
He said: Clear legislation is required to reassure investors, especially in the process of entering and exiting the market, addressing the problem of slow litigation, fighting monopoly, promoting free competition, and eliminating corruption and bureaucracy as one of the most important priorities and mechanisms to stimulate investment in Egypt.