07 December 2022 04:56 AM

President Sisi: All barriers to investment to be removed within 2 months

Wednesday، 28 September 2022 - 02:29 AM
President Sisi: All barriers to investment to be removed within 2 months

President Abdel Fattah El Sisi affirmed that the industrial sector tops the government's priorities.

President Sisi, meanwhile, affirmed that efforts are underway to facilitate and streamline investment procedures.

He also asserted that all barriers facing investors will be removed within one month or two from now.

In his speech during the inauguration of a number of national projects affiliated to the General Authority for Investment and Free Zones (GAFI) on Tuesday 27/9/2022, President Sisi affirmed that the State is serious in addressing the problems which hinder investment.

Every project that is carried out represents an additional revenues to the company which implemented it along with the citizen as well, added the president.

The government stands fully ready to encourage businessmen to expand in setting up technical schools in order to have qualified labor with skills deemed relevant to the job market, he added.

President Sisi also pointed out to the role of the research centers in resolving problems related to industry.

The private sector's contributions to the economic activity stand at 75%, he added.

The State is also keen on providing production supplies, he made it clear.

President Sisi said that he directed the governor of Central Bank of Egypt (CBE) to resolve any problem facing the investors.

The Covid-19 pandemic and the Ukrainian crisis had an adverse impact on the whole world, including Egypt, he went on to say.

"But we are seeking to reduce the impact of this shock as much as possible", he affirmed.

President Sisi also saluted the GAFI and businessmen for their great efforts, saying "We are keen on supporting the industrial sector."

More work is need to be done from the various sides, he added.

President Sisi said "we attach great importance to support industry in Egypt and remove all hurdles facing it."

He also underlined that two models were presented today on investment facilitation measures in Egypt through granting the "golden license".

The license helps facilitate procedures to carry out investment projects in the country instead of obtaining 26 approvals that took a long time by the investors to reach the real practical procedure, after which they launch their projects, the president elaborated.

He added that the investors demanded applying the "one-stop shop" system, which is one authority in a location that offers a multitude of services to clients, saving them considerable time, not exceeding 20 days or less if possible.

This service has already been implemented in some areas to help investors and industrialists, who seek to start their own business without wasting too much time in the course of finalizing administrative procedures, the president said.

"The two models are good, but not enough if we are targeting to achieve 100 billion dollars of exports, which is not a high figure for a country with a population estimated at 104 million people," the president further noted.

Directing his speech to businessmen in Egypt, President Abdel Fattah El Sisi affirmed that the State is cooperating with the businessmen in Egypt and is exerting assiduous efforts to remove all obstacles facing them.

In this regard, President Sisi said that the economic conference, which will kick off next month, represents a perfect opportunity for investors and businessmen to shed light on the obstacles facing them.

The wages of Egyptian labor is relatively low if compared to other countries, President Sisi said, adding that this represents a comparative advantage for investors.

President Sisi asserted the State's readiness to cooperate in training highly-skilled workers.

Sisi stressed the importance of linking existing research and development centers in Egypt with businessmen and industrialists to benefit from their experience in finding solutions to problems or points that need development.

Sisi made it clear that the private sector's contribution to the Egyptian economy is not less than 75 percent.

He further stressed that the COVID-19 pandemic and the Russian-Ukrainian crisis had a shocking impact on the entire world and on Egypt.

The Egyptian government is trying to mitigate the impact of these shocks, he added.

Within two months, many obstacles will be removed, Sisi pledged.


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