Economic summit on 13-15 March in Sharm El-Sheikh

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Prime Minister Ibrahim Mahlab has said the Egyptian economic summit will be held from 13-15 March in the Red Sea resort city of Sharm El-Sheikh.

The event aims at supporting and developing the national economy with the help of development partners, Mahlab said at a press conference on Saturday.

The gathering will work on achieving economic development, improving healthcare and educational services and providing energy, the premier said.

Mahlab revealed that the date was changed and that the new date was chosen after thorough consideration as it was more suitable for other countries to ensure a strong international participation.

Several projects in all fields will be floated during the economic summit to open new horizons for the Egyptian private sector, the premier said.

Egypt is completing the political road map and the government has announced a map for economic reform drawn up under President Abdel-Fattah Al-Sisi’s platform for a better life for Egyptians, he said.

A clear-cut vision has been laid down based on applying financial control measures and redressing the state budget deficit, he added.

 Mahlab said that energy subsidies had been reduced and the government is currently enforcing tax reforms, reducing expenditure and working on raising state revenues.

The government is also working on attracting direct investments, covering the funding gap and supporting the balance of payments, he added.

There is Saudi and UAE participation to lay down a comprehensive Arab economic strategy, he said.

International Cooperation Minister Naglaa Al-Ahwani said the summit aims at putting Egypt back on the international economic map and attracting investments.

Egypt welcomes all foreign investors, she said, adding that consultations are being held with the Saudi and UAE sides on the event.

Among the proposed projects is river transport, she said.

The government is seeking to apply the “single-window” system to ease government procedures for investors, Investment Minister Ashraf Salman said.

It is also working on several laws to protect local production and improve investment, Salman added.

The Suez Canal development corridor project will also be addressed during the conference to Egyptian and non-Egyptian investors, he said.