Egypt extends its hands for constructive cooperation and expertise exchange with all sides, Prime Minister Ibrahim Mahlab said.
On the second day of the Egypt Economic Development Conference (EEDC) in Sharm El Sheikh, Mahlab welcomed the participants and thanked them for accepting Egypt’s invitation to “build a future country.”
The Egyptian economy has great potentials and strong foundations and its market’s extension makes it the largest in the region in terms of domestic demand, Prime Minister Ibrahim Mahlab said.
Speaking on the second EEDC day on Saturday, Mahlab said youths make up 60% of Egypt’s demographic composition, providing a large working force and qualifying it to achieve large economic leaps.
The country’s unique geographic location qualifies it to be an international center for transport and logistics, he said.
The government has moved at several fronts in the past months to realize political stability through its commitment to the political road map, the referendum on the constitution and the presidential election with the parliamentary polls in the pipeline, he said.
Egypt will give space to the private sector to play a major role in pushing forward the production wheel under international standards governing competitiveness, quality and diversity, Mahlab had told the EEDC gathering.
Egypt will be providing a stage conductive for economic growth banking on innovation, knowledge and a free economy, the Egyptian premier said.
The government is working on creating a distinguished investment climate that allows a safe and free entry and exit of the market under economic policies aiming to fix structural and chronic deformations, he added.
It will also provide well-trained and qualified manpower, and, to this end, a new ministry for technical education and vocational training has been introduced, he added.
The government is keen to carry out legislative and administrative reforms to achieve balance between financial control, comprehensive growth and social justice, the Egyptian prime minister said on the second EEDC day.
One of the most remarkable steps the government has taken in the past six months in this regard is the formation of a high committee on administrative reform, Ibrahim Mahlab said.
It has been entrusted with reviewing the legislative frameworks governing the work of the state’s administrative body, he added.
The recent civil service law and the local administration law, that will be published shortly, have been so far the product of the high committee on administrative reform, Prime Minister Ibrahim Mahlab said.
The legislation entrench the values of governance and follow up the national strategy for fighting corruption, he said.
The government in parallel is also working to carry out its 2030 development strategy, Mahlab said, noting that it, along with the business community and relevant bodies, outlined a program to identify the most important economic laws that either need amendment or introduction to lift obstacles affecting investments.
One of the most important legislative reforms is the unified investment law which will ease government procedures regarding licenses and land allocations for investors, while committing to the fixed tax policy, the Egyptian premier told EEDC on Saturday.
Also several amendments were introduced to investment laws, such as the one regulating challenge measures against state contracts, the anti-manipulation and competitiveness protection law and the companies law, Ibrahim Mahlab said.
The Egyptian state has adopted a strategy to boost investment through carrying out mega projects, he said.
Among the mega projects the government will be carrying out are the “Golden Triangle” aimed at establishing an industrial and economic zone in south Egypt, the “Northwest Coast Development” to create a new urban, agricultural and tourism community, and the “International Logistic Center” for grains in Damietta, Prime Minister Ibrahim Mahlab said.
Mahlab also pointed out to the “Sharq Al Owainat” project and another one targeting the construction of 22 new industrial cities.
The government is giving special focus to developing human capital, especially youth, through the ‘training for employment’ project, he said.
Source: MENA