Prime Minister Mostafa Madbouly stressed the importance of the measures and decisions taken by the state and the Egyptian leadership regarding economic reform programs and the process of accelerating development rates and development projects, in supporting Egypt to confront the global crises resulting from the Corona pandemic, and the current Russian-Ukrainian crisis.
This came during a press conference by the Prime Minister to announce the country’s vision to deal with the current global economic crisis.
The prime minister added that the government is expected to achieve a primary surplus this year at 1.2% of the gross domestic product, with a target of about 2% next year.
And the report of the Presidency of the Council of Ministers published an infographic… The primary surplus percentages of the gross domestic product and the general budget deficit are as follows:
The Ministers of Supply, Planning, Agriculture and Industry participated during the government’s press conference, which is held at the headquarters of the Investment Authority, to announce the state’s vision to deal with the current global economic crisis, as well as plans and efforts to attract foreign local investments.
During the press conference, Counselor Mohamed Abdel Wahab, Chairman of the General Investment Authority, Diaa Rashwan, head of the Syndicate of Journalists and Head of the State Information Service, Abdel Sadiq Al-Shorbagy, Chairman of the National Press Authority, Karam Jabr, head of the National Media Authority, and Osama El-Gohari, head of the Information and Decision Support Center of the Council of Ministers, participated in the press conference. In implementation of the directives of President Abdel Fattah El-Sisi, President of the Republic.
The Prime Minister had announced that a unit would be established in the Council of Ministers under his direct supervision, whose mission would be to work on quickly solving investors’ problems, so that a maximum limit would be set for the termination of approvals from ministries and relevant authorities on investment projects and various licenses, saying: “We will not allow any delay in issuance of these approvals.
It is noteworthy that the investment climate in Egypt has witnessed, especially in the past few years, many institutional procedural reforms with the aim of facilitating and simplifying procedures for investors. Which contributed to achieving positive results in the field of establishing companies in terms of time, cost and number of procedures needed to start the activity, and the Egyptian state simultaneously enacted a package of legislation aimed at creating a suitable climate for local investment and attracting foreign investments.
Among the amendments are the tax law and the issuance of a new investment law, the law on private sector participation in infrastructure projects, services and public utilities, and the new labor law, in addition to investment incentives in green economy projects.
In previous statements, the Prime Minister indicated that the Egyptian state, believing that the economic reform program should be followed by a set of structural reforms, so that economic growth rates do not become temporary, the second phase of economic reform began with the launch of the Egyptian government in 2021, the structural reforms program priority for the Egyptian economy.
