CAIRO: The Euromoney Egypt Conference kicked off in Cairo Tuesday, and the Egyptian ministers of finance and investment inaugurated the event in the presence of key economists and investors.
“Egypt has witnessed immense turbulence and change in the last few years and we have been in Egypt through thick and thin. As this important nation carves out its new economic landscape, we are witnessing cautious optimism and the return of positive investor sentiment,” Euromoney Conferences posted on its official website.
Under the slogan of “Stability, Investment and Growth,” the conference says it aims to create and lure new investments to revive its limping economy hit by political upheaval since the January 25 Revolution.
The two-day conference is scheduled to discuss Egypt’s new political roadmap, the government’s economic strategies, as well as the economic and investment outlook along with the Gulf financial aid to the country, according to a press statement.
Euromoney Egypt will also focus on the role of the International Monetary Fund (IMF) along with other global financing institutions in boosting Egypt’s economy. The subsidy system reform, capital market and the new IPOs in the Egyptian Exchange (EGX), infrastructure and energy challenges are to be discussed as well.
During his speech at the conference, Minister of Finance Hani Qadry said the government is targeting 3 percent economic growth for the current fiscal year, compared to 2 percent last year, Youm7 reported.
He added that the government is targeting 5 to 6 percent economic growth during the coming three years.
Qadry further noted that the government will continue its economic reform steps including the subsidy reform system, expanding the tax and applying a value added tax.
“Egypt will launch mega projects such as the new Suez Canal project, in addition to the reclamation of 4 million acres to attract investors,” said the minister, noting that the private sector will play a “key role” in these projects.