CAIRO: Presidential candidate Abdel Fatah al-Sisi received prominent U.S. economist Hernando De Soto Monday to discuss the future vision of the informal economic sector in Egypt, according to his campaign’s official website.
During his meeting with Soto, Sisi discussed a number of suggestions to develop the informal economic sector and use it to raise the economic growth rate.
Soto introduced a study in 2004 about the reintegration of illegal businessmen within the formal system. The study noted that Egypt’s unofficial economy hires more employees than official ones.
In 2004, the private sector hired 6.8 million employees, the public sector hired 5.9 million employees, and the informal sector employed 9.6 million people.
Soto suggested the possibility of empowering the poor by amending the legal system so that citizens’ property rights estimated to $400 billion can be reserved.
Since the presidential race has begun, Sisi held a number of meetings with many economic figures and young investors to discuss the economic scene in Egypt.
Sisi’s plan to develop Egypt’s economy is based on the implementation of a 20-year-old project that was proposed by Egyptian scientist Farouk El Baz.
Egypt’s presidential elections will be held on May 26 and 27 between Sisi and Popular Current leader Hamdeen Sabbahi.