State takes confident steps for economic reform, comprehensive development
Egyptian President Abdel Fattah El Sisi said on Friday that the BRICS forum represents a key platform for probing various investment and trade opportunities among the member countries.
The President’s remarks were made during a recorded speech at the BRICS Business Forum in Moscow on Friday. President El Sisi voiced his deep appreciation to Russian President Vladimir Putin for his ongoing efforts during the Russian presidency of the bloc this year, citing tireless efforts made to further advance cooperation among BRICS countries at all levels.
“We value the holding of the BRICS Business Forum, which demonstrates the commitment to enhancing relations among the member countries, and therefore contributes to enhancing investments, inter-trade, and joint projects, which will undoubtedly strengthen our efforts to fulfill the aspirations of our peoples and achieve the desired economic growth,” President El Sisi told the gathering.
Unprecedented global challenges
The President has pointed out that theBRICS forum is being held at a time when the world is witnessing successive and unprecedented international challenges and crises that require concerted efforts to find effective solutions.
“This is in addition to intensifying work to advance the path of sustainable development. This is a shared responsibility, in the first place, where the private sector and business councils undertake a key role as indispensable partners,” he said.
He has made it clear that the forum represents an important platform for exploring various investment and trade opportunities among the member countries, as well as enhancing cooperation between the private sector institutions by leveraging each country’s competitive advantages to launch joint projects.
“This will contribute to enriching economic integration among the member countries and enhance the role of BRICS as a prominent economic bloc in boosting global economic growth, especially considering the enormous economic and investment potential our countries hold, particularly in the fields of renewable energy, digital transformation, and manufacturing industries, which have become key pillars for achieving development,” he said.
Economic reform
The President told the gathering that Egypt is taking confident steps on the path of economic reform and comprehensive development, striving for a more sustainable economy and the ability to withstand crises.
“In this context, the government recently adopted a set of ambitious steps and measures to improve the investment climate and enhance the role of the private sector in leading economic development,as well as overcoming the obstacles that investors face,” he said.
He explained that among the main reforms are imposing a cap on government investments so as to provide more opportunities for the private sector and continuing the implementation of the government’s initial public offering (IPO) program within the framework of the State Ownership Policy Document.
“This is in addition to providing a package of customs exemptions and tax incentives to streamline bureaucratic procedures,” he noted.
“Egypt also continues its efforts to develop the sectors of communications and information technology, manufacturing industries, and new and renewable energy, especially green hydrogen, in addition to continuing to implement mega infrastructure projects and developing thetransportation, communications and ports system in various parts of the country, in line with our ambitious plans and goals to maximize the benefit from Egypt’s unique and strategic geographical location,” El Sisi explained.
SCZone
President described the Suez Canal Economic Zone (SCZone) as one of Egypt’s most prominent ambitious projects.
He has said the SCZone project bears great investment opportunities, in terms of the diverse industrial base it provides and export advantages to all regions of the world.
The President cited Egypt’s membership in many agreements and regional free trade zones, making the country the best path to access promising markets, especially the African continent, which has become the continent of the future, in light of the economic and investment opportunities it possesses as well as the youth density reaching about 65 per cent of its population.
