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Investor confidence at highest point in years, says El Sisi

DOHA, November 24, 2015

Egypt’s President Abdel Fattah El Sisi highlighted that investor confidence was at its highest point in years as key partnerships were sealed at the Egypt Economic Development Conference (EEDC) held earlier this year.

In an interview with the Oxford Business Group, a global publishing, research and consultancy firm, El Sisi said: A total of 20 contractual agreements were signed on the sidelines of the EEDC, valued at a total of $66.4 billion.”

“More than half of the initial agreements signed at the EEDC are already being implemented, including $21bn in exploration deals with international oil companies and a $9bn gas and wind power project with Siemens,” he said.

El Sisi voiced his confidence that the list of labour-intensive projects scheduled for roll-out would help to create new jobs for Egypt’s younger workforce, which he described as the country’s “greatest resource” and its “engine of sustainable growth”.

Egypt’s dynamic population, together with its strategic location, will play a pivotal part in helping the country take its competitive advantage to another level when it launches its Suez Canal Area Development Project, he added. The economic zone initiative forms a key component of the Suez Canal expansion.

“The Suez Canal Area Development Project will transform 76,000-sq-km along one of the world’s most important trading routes into an international logistics and commercial hub that will support more than 1 million new jobs and 2 million new residents,” the president told OBG. “When complete, this innovative, integrated, value-added services centre will connect over 1.6 billion consumers across Europe, Asia, Africa and the Arab region.”

El Sisi said the national focus on gradual fiscal consolidation and restoring macroeconomic stability, balanced with better-targeted social programmes, was gaining pace. Phasing out fuel subsidies and restructuring taxation indicated a commitment to the strategy, he added, and sat well with investors.

“…our initial reform of energy subsidies in July 2014 yielded nearly 2 per cent of GDP in savings that we intend to reinvest in pursuit of our ambitious health and education goals,” he told OBG. “Our economy is growing steadily and investor confidence even more so,” he said. – TradeArabia News Service




Tags: | Egypt | economy |

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