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Development, investment on ministerial economic agenda - Daily News Egypt

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Development, investment on ministerial economic agenda

Ahead of Eid Al-Adha and parliamentary elections, President Al-Sisi and cabinet ministers discuss Egypt's most needed development goals.

By Sara Ahmed

President Abdel Fattah Al-Sisi met with the Economic Ministerial Team on Sunday to discuss making services more affordable in accordance with the needs of citizens, said Presidential Spokesperson Alaa Youssef in a statement.

The meeting with the seven ministers, which included Prime Minister Sherif Ismail as well as newly-appointed and old ministers, encompassed the general social long-term and short-term economic development goals.

Al-Sisi met with the ministries of planning, supply, industry and foreign trade, petroleum, finance, investment, and international cooperation.

He stressed the need to render fuel, medicines and commodity supplies economically accessible, especially prior to the Eid Al-Adha holiday.

Economic development was particularly discussed, and Al-Sisi highlighted the need to encourage and attract direct investments while taking into account the opportunities to develop major projects, such as the Suez Canal Development Project and the 1.5m Acres Project.

The projects, intended to be up and running in an adequate time range, is expected to contribute to the economy and the country’s GDP.

Although sparse in details, the statement also noted that creative and innovative ideas would be essential in order to increase state revenue.  Improvement in state revenue would provide for low-income citizens and the poverty-stricken.

An essential point brought up in the statement was the need to prioritise imports and alleviate the state from the burden of foreign currencies. The President mentioned that “unnecessary products” could always be substituted by local alternatives for competitive prices.

The meeting also stressed on strengthening dialogue with Egyptians living abroad in order to secure closer ties to the homeland. Egyptians living abroad, particularly experts and academics in various fields, would be able to benefit Egypt in its quest for development.

President Al-Sisi encouraged Egyptians living abroad to transfer their savings into Egypt, familiarising themselves with business circles and owning lands.

The ministerial team affirmed their intention meet the needs of citizens, improve the overall standard of living and develop various sectors of the Egyptian economy, as well as to establish more concrete communication with Egyptians living abroad.

Topics: Al-sisi

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