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Egypt is stable, state will not renounce economic reform plans: PM - Daily News Egypt

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Egypt is stable, state will not renounce economic reform plans: PM

We cannot leisurely take our time anymore; the government is continuously working to fix the taxes and customs systems, says Ismail

“Egypt is stable. We have a strong army, a just judicial system, and an efficient parliament,” Prime Minister Sherif Ismail said in a meeting at the Egyptian Federation of Investors Association (EFIA) headquarters on Sunday in a response to a request from the association.

The government will not “renounce” its plans to achieve economic reform, which must be met with a simultaneous expansion in social security systems to support low-income citizens, Ismail said. He added that the state is currently working towards realising this goal.

Everyone must help in preserving the country’s success and building upon this to secure a better future for the current and future generations, Ismail said

“We don’t have the luxury of time anymore. The government is continuously working to fix the taxes and customs systems,” Ismail said, while emphasising that the stability of taxation policies is one of the advantages that support the investment sector.

The prime minister also said that Upper Egypt is a priority for the “complete development” projects in the coming stage. The government is keen to double its services programmes to meet the needs of the Upper Egypt countryside.

The private sector is a main partner in the development process—a part of the work system, Ismail said, and the government is interested in developing this sector so that the targeted indicators in the economic and social plan for the nation can be reached.

He also said that “big national projects” account for a large part in raising development indicators and lowering unemployment rates—especially the 1.5m-acre reclamation project and the social housing project.

Members of the EFIA presented several suggestions for solving the economic crisis, which included the development of Upper Egypt and a fast-paced action plan to deal with the budget deficit and reduce the balance of payments.

This must happen while rationalising spending, halting the import of unnecessary goods, encouraging local goods, facilitating investors to encourage more investments, amending Law 14/2012, and privatising areas in the North Coast to establish tourism projects, EFIA members added.

They also asked that the process of establishing the aromatic herbs company in Beni Suef be implemented faster in order to benefit from the human resources in this governorate.

This meeting was attended by ministers of industry and trade, finance, and investment, the president of the EFIA, and representatives of several interested bodies.

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