Prime Minister Ibrahim Mehleb has announced that Egypt is trying to solve problems faced by investors and reform economic legislation before the economic summit scheduled to be held in Sharm El-Sheikh next February in a move to attract foreign investment during the summit. The Ministry of Planning estimates these future investments to be worth $10bn-12bn.
Mehleb said “The goal of the meeting is to review the steps that were taken to organise Egypt’s economic conference because we are partners…the idea of the summit originated with the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saudi as well as the President of the UAE his Highness Sheikh Khalifa bin Zayed Al-Nahyan and President Abdel Fattah Al-Sisi.”
Mehleb went on to say, “Solving investors’ problems and enacting legislative reform are the keys to summit success,” which should be visible before the summit actually takes place.
Mehleb revealed that a meeting to be held between the UAE, Saudi Arabia, and Egypt is set to be held following the Eid al-Adha holiday in order to finalise arrangements for the summit.
During a meeting held on Tuesday evening with UAE Minister of State Sultan Al Jaber, UAE ambassador Mohamed Ibn Nakhira Al Zahery, and the Ministers of Industry, Planning, Finance, Foreign Affairs, International Cooperation, and Investment, Mehleb said that coordination and discussions have taken place with the UAE on Egypt’s economic conference which will be held next February in Sharm El-Shiekh.
Success for the conference is “inevitable” and confirms the “New Egypt” advertised in New York, said Sultan Al Jaber. He considered this to be the beginning of success story that he hopes to see continued through the conference, he added.
A ministerial group was formed for the conference and held several meetings chaired by the Prime Minister, as well as Saudi and Emirati officials, in the presence of a technical committee comprised of representatives of related ministries, according to Minister of International Cooperation Naglaa Al Ahwany.
Al Ahwany believes that the conference aims to deliver an accurate message of Egypt’s journey down the right path, asserting that political and economic stability now exists in Egypt. She announced the government’s vision and economic plan as well as a number of projects, both public and private sector ventures, which are intended to attract investment.
Minister of Finance Hany Kadry Dimian said that putting Egypt on the global investment map is a goal that must be achieved through the summit and other measures. He expects that cash flow will take the form of various projects implemented and noted that an invitation will be sent to global financeorganisations to attend the conference and ensure the integrity and strength of Egyptian economic policies.