CAIRO: President Abdel Fatah al-Sisi met with Prime Minister Ibrahim Mahlab, the Central Bank governor, and with other ministers to review ongoing preparations for the Egypt Economic Development Conference scheduled March 13-15, according to a presidency statement.
Egypt’s government is targeting investments ranging between $10-15 billion from the economic summit over the next two years.
The ministers of planning, electricity, petroleum, international cooperation, finance and investment also attended the meeting, presidency spokesman Alaa Youssef stated.
During the meeting, Sisi urged top officials to “spare no effort to insure perfect organization and preparation for the conference, especially boosting investments which will revive Egypt’s economy,” the statement read.
Further, the president ordered all competent bodies and ministries to create a mechanism for following up the conference outcomes and immediate progress in implementing all agreed upon projects.
Sisi reiterated that higher growth in investment will have a positive impact to production, youth employment and creating jobs.
The long-anticipated unified investment law which was adopted by the Cabinet Wednesday was also reviewed along with other related legislation reforms during the meeting. Prime Minister Mahlab submitted the law to the president for ratification Wednesday.
The new law includes amendments over micro industries, mining and local product priority legislation. It is aimed to overcome “bureaucracy” and to provide higher flexibility for investors through a “one-stop-shop” system for obtaining all required documents and licenses for establishing firms and projects in Egypt.