Saturday, March 14, 2015

Exclusive : #Egypt’s premier unveils economic vision

Looking ahead to 2030, Prime Minister Ibrahim Mahlab has outlined a vision that unites development with legal reform and social justice

Egyptian Prime Minister Ibrahim Mahlab

Egyptian Prime Minister Ibrahim Mahlab

Egypt’s prime minister revealed Saturday the government's economic vision up to 2030 before an audience of world leaders attending the Sharm El-Sheikh Economic Development Conference.
Mahlab said his government prioritises political stability, referred to progress made on realising the country’s post July 2013 political roadmap (the 2014 Constituion, presidential elections and a soon-to-be elected parliament).

“The private sector is the economy’s main drive,” said Mahlab, assuring that Egypt's vision counts on the private sector as the main player in stimulating growth and production.

The government has cooperated with the private sector, he said, in deciding on legal reforms in respect to all aspects of the economy, including unifying the investment law and committing to fixing taxes.

A superior committee for legal and administrative reform was also established to ensure that laws serve to stabilise the financial sector and push for growth and social justice simultaneously.

Mahlab also added that his government is keen on providing an investment-friendly environment and as a result has worked on fixing structural distortions in the economy, to facilitate the entry and exit of businesses and their work in the country.


A new ministry for training and qualifiying labour has been created as part of the government’s effort to capitalise on the youth population as a supply source of skilled labour, he added.

The government will embark on a new social and economic mapping system covering the country nationwide, with aim of facilitating an in-country database that will eventually help in including the informal sector into the formal sector.

Speaking of mega projects, Mahlab said that as work on a new waterway in the Suez Canal continues, opportunities for mega projects around the canal arise. Other mega projects include plans for a "Golden Triangle" in Upper Egypt and a new residential and touristic city on the north coast.

Meanwhile, the government will be working on the social aspects of development through social programmes targeting the most needy families with subsidies, insurance and pensions.

The social aspect of growth will be also tackled through a focus on microcredit and small and medium sized enterprises.