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Planning: the structural reforms program aims to increase private sector participation


Hala Al-Saeed, Minister of Planning and Economic Development, participated in the meeting held by the French Chamber of Commerce and Industry in the presence of the heads of French companies in Egypt, which was held at the residence of the French Ambassador, Stephane Romatet.

 

During her speech, Minister of Planning and Economic Development Hala Al-Saeed addressed the latest developments in the growth of the Egyptian economy and the potential investment opportunities for the private sector in Egypt, noting that the Egyptian government launched the National Program for Economic and Social Reform, with a clear goal of implementing a series of reforms that would lead to the stability of the economy. Holistic, inclusive, and sustainable growth.

 

Al-Saeed added that in recent years, the state has already successfully implemented a number of major infrastructure development projects with the private sector, such as the development of the Suez Canal axis and many projects within the energy sector, such as the establishment of the largest solar power plant in the world in the "Benban" area in Aswan Governorate, in addition to the establishment of industrial zones and cities. New smart, most notably the new administrative capital.

 


Al-Saeed added that the Egyptian government is committed to pursuing the second phase of the reform program to enhance the resilience of its economy and its ability to withstand external and internal shocks, noting the launch of the structural reforms program, which targets the real sector with bold and constructive structural reforms in order to encourage inclusive growth, create new job opportunities, and diversify production patterns. and development, in addition to improving the business climate, localizing industry, and enhancing the competitiveness of Egypt's exports in order to achieve sustainable and comprehensive economic development.

 

Hala Al-Saeed pointed to the legislative and institutional reforms included in the reform program, most notably the new investment law, the industrial licensing law, the bankruptcy and market exit law, following up that the state has invested heavily in infrastructure development to enhance the competitiveness of the Egyptian economy, and put it on the investment map.


 Hala Al-Saeed is one of the participants

 

Al-Saeed explained that the national structural reforms program targets the real sectors and the three interconnected markets represented in the capital market, the trade market and the labor market, with an increased focus on diversifying the productivity structure of three main priority sectors, namely agriculture, industry, communications and information technology, continuing that the program is based on five Main pillars, most notably strengthening the business environment and the role of the private sector, promoting the labor market and the efficiency of vocational, technical and technological training, improving financial inclusion and facilitating access to finance.

 

With regard to enhancing the business environment and the role of the private sector, Al-Saeed explained that the Egyptian government intends to adopt a number of policies to speed up the process of improvement, including simplifying and mechanizing customs release procedures for goods in Egyptian ports, adopting a risk management and analysis system, and providing multimodal transport to raise the efficiency of supply chains by involving the sector. Private rail service provider.

 

Al-Saeed also addressed the discussion about legislative reforms and the measures taken by the Egyptian government, noting that amendments were made to the law regulating private sector investment in infrastructure projects, services and public utilities with the aim of further encouraging the private sector and expanding the areas of business involved and types of participation. The infrastructure modernization program to stimulate private sector activity, explaining that public investments directed to the infrastructure sector during the past seven years amounted to 1.7 trillion pounds, exceeding $100 billion, adding that as a result of huge investments in infrastructure development, Egypt's global competitiveness has improved significantly.



On Egypt's efforts to enhance the participation of the private sector in the development agenda, El-Said referred to the ongoing discussions about the private sector's investment in educational services through the national project to establish and operate distinguished participating language schools.

 

Al-Saeed also referred to the establishment of the Sovereign Fund of Egypt as one of the mechanisms for enhancing partnership with the private sector, which aims to create investment opportunities in promising sectors with high growth. Al-Saeed Al-Hadith followed the state’s efforts to move towards a green economy, noting the launch of the first green bonds in the Middle East, with the aim of Diversify the investor base in Egypt and educate people about the country's progress in the field of sustainability.

 

 Regarding the government’s efforts in the fields of energy and transportation, El-Saeed referred to the application of “environmental sustainability criteria” to green the national investment plan, according to these criteria, adding that Egypt is currently preparing two national strategies represented in the national strategy for climate change and the national strategy for hydrogen, to explore opportunities for production, use and transportation of hydrogen. As a source of energy, Al-Saeed continued the conversation about the transport sector, explaining the most prominent efforts of the state in the sector represented in clean transportation through electric railways and electric vehicles, replacing old vehicles with modern ones with more efficient energy consumption, and mechanizing government services.

 

With regard to renewable energy and irrigation projects, Dr. Hala Al-Saeed referred to the establishment of the largest solar farm in the world in Benban - Aswan, as well as the establishment of wind farms in the Gulf of Suez (Jabal El-Zeit) using modern technology, as well as the use of modern technology to increase the efficiency of the irrigation system and reduce losses. of water, adding that Egypt will host the COP27 climate conference in 2022 in Sharm El-Sheikh, noting the aspiration towards cooperation with the French government and the French Chamber of Commerce in this regard.


Al-Saeed concluded her speech by stressing that the Egyptian economy has great potential for more investments and business expansion, stressing full confidence in Egypt’s progress on a positive path until 2030, and the government’s continued contribution to building a favorable business environment and directing its efforts towards creating exceptional financial opportunities for local and foreign investors alike. Either, following that the potential opportunities for French investments in Egypt should not look at Egypt in isolation from the region as a whole, but rather Egypt should be seen as a major gateway to the African market.

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