Egyptian Prime Minister Mostafa Madbouli said the government is working on crystalising a clear vision for the coming five years to identify its role and areas of engagement in the economic sector in addition to the sectors to be led by the private sector.
The five-year strategy will be issued by the end of 2021 to post local and foreign private sectors about the promising investment opportunities, he added.
The premier made the remarks during an expanded meeting held on Monday evening with EFG Hermes Holding and representatives of 28 financial and investment institutions from Saudi Arabia, the UAE, the US, the UK, the Netherlands and South Africa to discuss prospects of co-operation with an aim to lure foreign direct investments to the Egyptian market.
The meeting was attended by Planning Minister Hala el Saeed and Executive Director of Egypt’s Sovereign Fund Ayman Soliman.
The prime minister said he and other officials are keen to meet with such a large and diverse number of representatives of the major international financial and investment companies participating in the 4th Egypt Day Conference to post them on the latest developments regarding the performance of the Egyptian economy, business community and incentives offered by the government to attract FDI.
In this regard, Madbouli presented a glimpse of the economic prospects, saying that the country has successfully implemented the first phase of the economic reform programme in cooperation with the International Monetary Fund to ensure stability at the macro level, a fact that enabled Egypt to overcome the negative impacts of the coronavirus pandemic.
The prime minister said the government is currently implementing the economic reform programme’s second phase which is based on radical structural reforms to support sustainable and strong economic growth via focusing on priority fields including agriculture, industry, communications and information technology.
The premier also pointed out to the proactive and decisive measures taken by the government and the Central Bank of Egypt to contain the negative impact of the pandemic crisis and ensure economic stability through launching a package of initiatives to support various economic sectors and the most affected companies.
Although the government succeeded in this regard and achieved positive economic growth rates during the pandemic, it is currently working hard to expand the role of the private sector to lead the economy in the coming stage, he said.
Meanwhile, EFG Hermes Holding’s Group Chief Executive Officer Karim Awad said this meeting reflects the keenness of the participating regional and international institutions whose assets hitting $13 trillion to meet with the Egyptian prime minister and officials concerned to explore the promising investment opportunities in the country’s market in the coming stage.
Solid foundations and promising growth estimates of the Egyptian economy play a key role attracting further attention of the international investment community to benefiting from the new opportunities in the Egyptian market, he noted.
Awad asserted that the group is committed to its role in backing the government’s efforts to lure international investments and push forward development in the domestic market.
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