CAIRO: President Abdel-Fatah al-Sissi arrived Thursday to Sharm el-Sheikh to inaugurate Egypt Economic Development Conference (EEDC) scheduled to start on Friday and to last for three days.
Delegations of over 90 countries, of which 30 heads of state, will be present at the conference, according to Youm7
Battered by four years of political instability, Egypt’s economy is counting on the conference to lure back foreign investment by offering various projects in all sectors for regional and international investors.
During the three-day conference, the Egyptian government is set to introduce several projects in the fields of real estate, telecommunication, infrastructure, agriculture, industry, tourism and above all the Suez Canal Axis development project.
Prime Minister Ibrahim Mahlab will hold a press conference Friday afternoon to demonstrate the timeline and activities of the conference.
“Detailed explanations about these projects are scheduled to take place at the conference through forums of discussions between international investors and representatives of the Egyptian government in order to respond to all investors’ inquiries,” Investment Minister Ashraf Salman was quoted by Youm7 Thursday.
On the eve of the EEDC, Sisi issued a new legislation to regulate investment and to eliminate bureaucracy. The new law, which was approved earlier by the Cabinet, includes amendments over micro industries, mining and local product priority legislation.
A top government official told Youm7 Thursday that “deposits from Gulf states will be announced at the conference,” adding that the final value of the deposits and the receiving timeframe to be revealed at the conference as well.