Thursday, 19 Apr 2018
Business

Tariq Cain: Promoting the human element and encouraging young entrepreneurs is a top priority for the government

Minister of Trade and Industry Eng. Tareq Qabeel affirmed that the government attaches importance to the infrastructure projects as an effective hub for creating job opportunities, providing suitable livelihoods for the Egyptian people and meeting the needs of the growing national energy industry.
The Minister of Trade and Industry stressed that upgrading the capabilities and capabilities of the human factor comes at the top of the government’s concerns through investment in education and health, encouraging young people and entrepreneurs to start emerging projects and developing technical education and vocational training as a central axis of the government strategy to reduce youth unemployment rates. And the application of the highest standards of efficiency for the Egyptian worker, during a roundtable conference organized by Oxford Business Group on Tuesday. The Minister said that since his assumption of the presidency, Sisi has sought to accelerate economic growth by improving the business environment to attract investment. He pointed out that Egypt’s vision 2030 aims to achieve sustainable development by urging the private sector to increase its contribution to economic development in Egypt The welfare of the Egyptian people. These efforts resulted in several positive results. The average annual GDP growth was 4.2% and the trade balance deficit decreased by 25% in 2017. He added that the government has sought to improve the business climate in Egypt through the amendment of the legal regulations for the business, which included the issuance of the new investment law, which played a pivotal role in encouraging foreign investors to invest their investments in Egypt and the establishment of many guarantees to ensure equality in dealing with Egyptian investors Foreigners and facilitate the transfer of profits abroad. Pointing out that the government has also succeeded in liberalizing the exchange rate, which has contributed to achieving a record in the purchasing rates of Egyptian treasury bonds as well as boosting Egyptian exports to foreign markets and reducing the trade balance deficit, and this will reflect positively on the national economy in the medium and long term. The minister pointed out that the government has made intensive efforts in the areas of infrastructure, where from 2015 to 2017 to expand the road network more than 5000 kilometers, noting that the discovery of the field, “noon” of gas will contribute to the self-sufficiency of Egypt from natural gas By the end of this year. Cabil added that the government has succeeded in increasing the number of tourists coming to Egypt last year to 8.3 million tourists for the first time in several years, despite the recession experienced by the tourism sector in Egypt and the region. The Egyptian economy is in dire need of improving the business environment, he said, referring to Egypt’s $ 1.15 billion agreement with the World Bank to support government funding, which is mainly related to reform of the system of support, job creation, energy saving and the promotion of small and medium enterprises. Cain added that the Egyptian economy has become more attractive and open to investment than ever before, thanking the Oxford Group for its great support to the Egyptian economy over the past 15 years.

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