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Wednesday, 1 March 2023

Make it easier for us to do business, private-sector leaders tell cabinet at roundtable

What it takes to boost investment in Egypt, according to business leaders: Establishing a higher investment council, ramping up investment incentives, and delivering a stable regulatory environment were among the recommendations suggested by industry players and outside experts at a roundtable discussion organized by the Cabinet Information and Decision Support Center (IDSC) yesterday, according to a cabinet statement.

We love to hear it: Nothing could have put a bigger smile on our faces today more than news that industry players are taking note of our five-step recipe to build an export-led economy that could turn Egypt into an export hub and magnet for FDI.

REFRESHER- Prime Minister Moustafa Madbouly tasked the IDSC last month to work on strategies that could reduce our exposure to external risks in the coming years. The folks at IDSC will work with experts on regular reports to cabinet on how policymakers can strengthen the country’s food and energy security, bolster supply chains and prevent a repeat of the 2022-2023 FX liquidity crisis.

A stable regulatory environment is key: Our friend BTECH CEO Mahmoud Khattab stressed the need for consistency in regulations governing commercial and investment activities — and to streamline licensing and other regulation processes.

So is coming up with a list of priority industries: Creating a detailed plan with a long-term goal for a list of promising sectors like food and automotive, which includes clearly defined roles between different government agencies and authorities, is also necessary, Marwa Mahgoub, a private sector development expert at the International Finance Corporation (IFC), said.

Policymakers + business owners need to be on the same page: Our friend Moustafa Moharram, CEO of Moharram & Partners, called for a investment policy council to be set up involving private-sector representatives.

Tax was another hot topic: Moharram and Khattab both noted the importance of a streamlined, consistent tax regime to help create a more welcoming environment for foreign investors.

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