President Abdel Fattah Al Sisi's agreement with Davos' founder, Klaus Schwab to hold the economic forum's next edition in Sharm El Sheikh, confirms Egypt's status on the global economic map, ex-MP Freddie Al Bayadi told Al Bawaba newspaper. Al Bayadi explained that major investors and international funding bodies attended the forum, always held in countries most attractive to investments. He added the forum could prove a powerful boost for Egypt's economy if exploited well. He pointed to the need of correcting the faults of EEDC held last March in Sharm El Sheikh, where investors revealed their intentions to invest in Egypt, without any clear feasibility studies. He stressed on the importance of accelerating reforms within the administrative authority, to eliminate bureaucracy and corruption which block new investments in the country. Sisi announced Friday that Egypt would host the forum in May 2016, and that it would tackle economic issues in the Middle East and North Africa.