A number of Egyptian investors have criticized receiving Euromoney conference to Egypt in October amid a state of instability that the country witnesses, moreover, the state retards providing the real support for the investments in the local market. Al Sakty: Egypt Organizes Euromoney.... Ignores 2000 Suspended Factories Alaa Al Sakty, chairman of the board of Badr Industrial City Investors Association, told Amwal Al Ghad that this year Egypt organizes the Euromoney conference amid the several complaints of the Egyptian investors and their worries over halting the productive activity of their factories owing to the problems of power and supporting the exports and licenses with the different government authorities, besides the government retardant at providing rapid solutions that help boosting the local investment in the coming period. He added that event though the results of the conference succeeded in attracting more foreign investments to the Egyptian market, they will not be positively reflected on the Egyptian economy in the coming period because these investments needs long time as more than 1800 factories with dozens of billions investments are suspended. Al Sakty proposed establishing a supreme council for investment under the leadership of President Mohamed Morsi and includes members of investors and businessmen and group of authorities that fund the industrial and investment activity in Egypt. The council is to be held regularly, in the presence of government representatives to discuss the investment problems and finding real solutions for these problems and making decisions serve the economy. Al Nagd: Circulating Number Over Suspended Factories Is Unreal In his statements to Amwal Al Ghad, Eng Ismail Al Nagdi, chairman of Industrial Development Authority (IDA), said the state is concerned with operating the suspended investments. The ministry of industry and foreign trade has asked IDA and Industrial Modernization Center (IMC) to count these factories and taking up their problems. Furthermore, serious negotiations with banks should be started to re-schedule debts and granting loans to provide capitals. Only 437 factories have headed to these authorities.
Abdel Aziz: Govt Needs Clear Declaration Over Economic Policies Hamdy Abdel Aziz, chairman of the board of Engineering Industries Chamber, at Federation of Egyptian Industries (FEI), told Amwal Al Ghad that Egypt still needs to clearly announce the economic policies of the government, before attracting more foreign capitals to be invested in the Egyptian market. He slammed the contrast of the decisions and statements that have recently issued, and which worsen the investment . He called on the government to take a number of procedures in order to facilitate the investment , presenting lands process and establishing ventures; underscoring the necessity of the private sector in contributing to achieving the targeted industrial development.
