President Abdel Fattah Al Sisi will inaugurate Egypt's Economic Development Conference scheduled to be held from 13-15 March 2015 in Sharm El-Sheikh. Sisi along with the heads of states taking part in the conference will deliver a speech during the opening session of the conference, said Investment Minister Ashraf Salman and International cooperation Minister Naglaa El-Ahwani, Revealing that Al Sisi invited 110 kings and leaders to attend the conference. "Egypt hopes to attract billions in foreign investment over the next four years, which will put Egypt on the right track through comprehensive and sustainable growth of the Egyptian economy", PM Ibrahim Mahlab said during a press conference attended by the ministers of social solidarity, finance, and investment to announce the details of the economic summit, More than 3000 invitations have been addressed to investors and public figures. Saudi Arabia, UAE and Kuwait are mulling various schemes to support the Egypt's finances, leading the Gulf countries to support the upcoming conference. "Any country that did not contribute to Egypt's future would have no future place among us", King Abdullah said. "I urge you all to attend a donors' conference to help Egypt overcome its economic difficulties," he said. Japanese Prime Minister, Shenzo Abe pledged his country's full support to Egypt, describing it as the key to peace and stability in the Middle East, during his last visit to Egypt to meet with President El Sisi for talks over economic cooperation and boosting the Egyptian-Japanese Partnership. Abe confirmed the Egyptian economic summit will offer a chance for establishing good economic relations, adding that his country will take part in the conference to contribute in the development of Egypt's economy. Japan is the biggest Asian investor in Egypt, but I believe a stronger economic cooperation is possible through Japanese corporations working on Egyptian projects, like the new Suez Canal corridor project", Abe said, adding that he is accompanied by a delegation of major Japanese investors. Jin Cai, Executive Vice President and CEO of the International Finance Corporation (IFC) - the private sector investment wing of the World Bank Group (WBG) -, also confirmed his participation in the summit to help rebuild confidence in the Egyptian economy. Mr. Cai held talks with Prime Minister Mahlab and key members of the Ministerial Economic Committee over the country's ongoing economic reform program during his visit 2014. Egypt's Cabinet approved the participation of local investment banks and international consulting firms in the conference to prepare the feasibility studies for the projects to be discussed during the conference. One of the main concerns for Egyptian and foreign investors was the investment law; thus, the new investment law aimed to legally grant the General Authority for Investment and Free Zones (GAFI) the authority to approve and implement projects. The government will issue economic legislations to improve the investment environment, through creating a ‘one-stop shop' investment window system to protect investors by prohibiting a third unrelated party from suing them, launching a variety of large projects to achieve positive growth for different areas and sectors, including the new Golden Triangle development project and the National Roads Project, in addition to implementing legal and economic framework for developing renewable energy. The feed-in tariff was approved, and a new system of smart cards will be implemented soon to ration use of energy products. Regarding financial reforms, a comprehensive programme,aiming to reduce the budget deficit to 10% of total local production by finding new income sources from unutilized sectors and redirecting this towards social and investment spending is underway. Mahlab said there is no single reform programme to fit all economies, however, the Egyptian economic reform programme aiming to achieve sustainable economic growth and quality is based on three fundamental pillars: overall development, transparency, and good governance, that require a new generation of human resources with an adequate level of high-quality education, health services, and work circumstances that lead to increased productivity. He stressed on the importance of small- and medium-enterprises (SMEs), which represent the majority of Egypt's private sector, adding that the government is working to facilitate their integration into the financial system and to support them by developing financial and administrative infrastructure. "Despite the economic challenges the country is facing in addition to fighting terrorism, the government is determined to initiate a real legislature and administrative reforms", He said, adding that the government is working hard to raise the standards of living and fight poverty through expanding and supporting social safety nets as well as education and economic policy.
