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Egypt Calls For Boosting Joint Public, Private Efforts in Development Projects

Egypt Calls For Boosting Joint Public, Private Efforts in Development Projects

Saturday, 11 January, 2020 - 12:15
A general view of center of Cairo, Egypt (File photo: Reuters)
Cairo – Asharq Al-Awsat

Egypt's Prime Minister Mostafa Madbouly said the state's development projects need concerted efforts between the government and the private sector at the current stage.

Madbouly held a meeting with members of the economic group that seeks improving investment climate in Egypt, within the framework of the state’s plan to maximize benefits from all investment tools and to encourage businessmen and investors to pump more capital into major development projects.

During the meeting, Madbouly reaffirmed his desire to listen to all ideas on boosting investment in Egypt, overcoming all obstacles, and identifying problems facing investors and businessmen.

He pointed out that per the recent ministerial amendment, supervision over the investment authority was transferred to the government to improve coordination between all parties, and taking the necessary decisions that contribute to improving the investment climate and solving problems that hinder it.

The Prime Minister admitted that there are a number of accumulated issues, some of which have already been tackled, but said other measures still need to be implemented.

He noted that in the previous period, efforts focused on amending the investment law, but the most important part today is its implementation

A ministerial committee for investment has been formed including the central bank governor and a number of ministers and officials.

Madbouli mentioned that the government has launched a number of initiatives to encourage investment, stressing that it will continue to pursue them.

During the meeting, he discussed with investors and businessmen their ideas, suggestions and current issues. They highlighted the long duration it requires to obtain a permit to establish hotels, which they described as “very long” and complicated. They also proposed a number of solutions to facilitate the process.

Investors touched on the necessity of obtaining mining laws from other countries, and the speed of their implementation to expedite the exploration of various minerals.

Participants asserted the necessity of respecting and enforcing government contracts to reassure investors and bring new investments into the country, noting that adjudication should be handled by the dispute resolution committee. They also stressed the need to take into consideration that some problems need to be solved at a predeclared schedule.

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