Prime Minister: Ready to receive any ideas to enhance confidence between the state and the private sector
Prime Minister Dr. Mostafa Madbouly affirmed his readiness to receive any opinions and ideas that would enhance confidence between the state and the private sector, indicating that there is a need to build more confidence, despite all the measures that have been taken over the past periods regarding… Regarding various incentive packages to encourage the private sector in most sectors, implementing what was stated in the state ownership policy document regarding significant support for the private sector, and defining clear policies that achieve competitive neutrality.
This came during a meeting with the Prime Minister, today. Monday at the Council of Ministers headquarters in the New Administrative Capital, Dr. Ziad Bahaa El-Din, former Deputy Prime Minister and great economic and political thinker, as part of a series of specialized meetings with a number of intellectual figures and experts in various fields; To discuss some of the issues and files currently on the scene.
The Prime Minister explained that the meeting comes within a series of specialized meetings with a number of thought leaders, and that Dr. Ziad Bahaa El-Din had previously been invited For the previous extensive meeting with a number of intellectual figures, but due to special circumstances he was unable to attend.
Madbouly said, directing his speech to Dr. Ziad Bahaa El-Din, “I follow all the articles you write. There is a great keenness to benefit from the ideas and theses contained in these articles that shed light on a number of political topics and economic files. In a way that contributes to achieving the public interest of the state, and therefore this meeting comes in order to listen to your visions regarding the economic situation in general by presenting specific elements and action measures in this regard.
For his part, Dr. Ziad Bahaa El-Din expressed his welcome for attending the meeting, which gave him the opportunity to present ideas and opinions that could be useful in analyzing the current conditions of the Egyptian economy from several different angles, noting that the Egyptian state has overcome the recent economic crisis thanks to three factors: The Ras al-Hikma deal, support from the International Monetary Fund, cooperation with the European Union and reaching the level of a comprehensive strategic partnership.
He said, “Citizens have become optimistic about a better future; Due to the presence of several indicators that contributed to this, including the current government formation, which includes a number of promising figures,” he pointed out that he is following the performance of a number of ministers who already have important ideas. He added: “Restoring confidence with investors is a very important matter, and there are some proposals and ideas in this regard, including those related to the state ownership policy document. My advice is that there be a second version of it; To start from different starting points, and the document must have a clear policy, provided that a specific table is attached to it that explains the procedures for the state’s exit from the economy.”
He also presented another proposal regarding the fees that are imposed. on investors, expressing his belief that the government has taken this path, and there is a decision not to impose any new fees on investors without the approval of the Council of Ministers.
He reviewed a number of fees that are imposed on investors. Investors, especially with regard to the expansion of activity, including industrial activity, stressing the importance of tracking these fees and the procedures that are taken regarding them and announcing that, noting that a meeting was held with the Minister of Finance regarding the tax incentives package that the government announced, which is very important.
During the meeting, discussions took place about the optimal mechanisms that must be followed to achieve greater trust between the state and the private sector.. In this context, the Prime Minister indicated that over the past periods he has met many From global investors in various sectors, who expressed their great admiration for the current development experience of the Egyptian state compared to what the country was 20 years ago.
In turn, Dr. Ziad Bahaa El-Din said " No one denies that many things have changed with regard to the important measures and steps the government is taking to encourage the investment climate, but the effects of these measures do not necessarily appear now, as it is known that it takes some time to see the results of those measures.” He explained that the state focused on A number of important matters that concern investors abroad.
He added: Global investors look at a number of points, most notably political stability and the extent of a country’s ability to fulfill its debts. Many of these investors They invest in debt instruments such as bonds, and they are very concerned that the rating of these bonds does not decline in order to preserve their money, and the government has already succeeded in conveying an important message that the state is capable of paying its obligations despite all the challenges it faces.
He stressed the need to be careful to implement the economic policies that are drawn up, and not limit the matter to mere talk or theories, indicating that global investors want to see specific frameworks for work in specific sectors, such as investment in the sector. Health, especially in hospital construction, and there are specific standards in this context that they must ensure are in place before they start work, and the same applies to other sectors, such as education.
In this regard, the Prime Minister stressed that the frameworks already exist and that there are important partnerships that have been concluded with international medical institutions in this regard, expressing his openness to any discussions that would facilitate work in these pivotal areas for the state.
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At the conclusion of the meeting, the Prime Minister thanked Dr. Ziad Bahaa El-Din for this session, which included presenting many important ideas and visions, stressing that the coming period will include many meetings with thinkers on specific issues and sectors, As well as procedures for action in various fields so that more in-depth and detailed insights can be presented regarding them.
