CAIRO: Prime Minister Ibrahim Mahlab delivered the opening speech on the second day of the Egypt Economic Development Conference (EEDC) on Saturday, where he presented the government’s economic reform plan.
In his speech, Mahlab presented an overview of the achievements reached during the past six months to enhance investment climate in the country.
He noted that the government has moved first to achieve “political stability” through a commitment to the 2013 future map.
He also acknowledged “past distortions” the Egyptian economy suffered from, and said that Egypt is adopting economic policies and procedures to solve them.
Accordingly, the government is seeking to create a special investment climate allowing “free entrance and exit in the Egyptian market,” he said.
He added that Egypt is now heading to enlarge space provided to the private sector in order to be engaged in a main role in pushing forward the country’s production wheel.
Furthermore, Mahlab noted that following government efforts the nation’s credit rating has been raised by three international organizations.
Since it seeks to provide trained and qualified labor, the government has established a new separate ministry for technical and training, Mahlab added.
Also, he mentioned that 60 percent of Egypt’s population is youth, which “provides huge manpower.”
He also noted legislative and administrative reforms such as the issuance of the investment law.
Mahlab noted that legislative reforms are meant to enhance values of transparency and accountability.
He also spoke about different ongoing projects serving the economy, including the Suez Canal Project, which he said is meant to “facilitate trade movement between countries,” and carries “huge investment opportunities.”