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Sisi: Egypt Has Come a Long Way in Economic Reform

Sisi: Egypt Has Come a Long Way in Economic Reform

Monday, 10 December, 2018 - 10:30
Egyptian President Abdel Fattah al-Sisi leaves the podium after speaking during Africa 2018 forum at the Red Sea resort of Sharm El Sheikh. (Reuters)
Sharm El Sheikh - Asharq Al-Awsat
Egypt has come a long way on the economic reform path, said Egyptian President Abdel Fattah al-Sisi during the third Africa 2018 economic forum.

He said that he "is eager to increase investments among the continent's countries through joint and cross-border projects, particularly in the areas of infrastructure, new and renewable energy telecommunications and information technology."

“The forum, which is held for the third year in a row, aims to shape the future, open new horizons for growth and prosperity and benefit from the continent's youth energies and natural resources, contributing to tangible progress in the economies of African countries,” he said during the inauguration of the event.

He added that he is looking forward along with the presidents and prime ministers, who have attended the two-day forum, to achieve further regional integration and facilitation of inter-African trade, particularly after the African Union (AU) launched the Continental Free Trade Area (CFTA) during the summit that was held in Kigali in March 2018.

Sisi called for joint work under the umbrella of the AU, which Egypt will chair in 2019.

He pledged to build on past achievements, complete the continent's development agenda and carry out more consultation and collective action to activate projects that attain comprehensive and sustainable development to place the continent where it deserves to be on the map of the world economy.

Sisi also shed light on “Egypt's structural reforms in various sectors and its work to create a more attractive environment for domestic and foreign investment.”

He cited the contributions of these reforms in the improvement of Egypt’s economic indicators and credit ratings.

In addition, he linked between what Egypt has been implementing and what other African countries are, including reform programs to improve their economies’ performance.

He listed Africa’s development needs, “such as roads, airports, ports, cities, electricity, energy, water and sanitation networks, meeting the requirements of the information and technology revolution, new industries and services associated with the digital economy and also aligning with international efforts to address climate change and reduce environmental emissions.”

Sisi reviewed Cairo’s efforts in Africa, saying “Egypt was keen to increase its investments, amounting to $1.2 billion in 2018 to reach $10.2 billion.”

Egyptian Prime Minister Mustafa Madbouli for his part, stressed that his country is one of the major markets in Africa and the Middle East.

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