Washington Institute: significant economic reforms in Egypt ahead of economic summit

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The Washington Institute for Near East Policy released an article praising Egyptian President Abdel-Fattah Al-Sisi’s efforts for economic and legal reforms ahead of the Sharm El-Sheikh economic summit.

The article, authored by researcher Anna Borshchevskaya, praised the Egyptian president for his economic reform efforts and for what they say is a genuine attempt to raise Egypt’s standard of living.

Borschevskaya believes the economic summit is an effective method to achieve Al-Sisi’s economic goals. The conference hopes to attract foreign investment opportunities in a number of Egypt’s sectors in Egypt, mainly the private and energy sectors.

The conference will be held 13 to 15 March, and will host representatives from over 80 nations including 25 presidents.

The article also stated that Al-Sisi’s efforts to combat corruption addresses one of the main concerns investors face when considering to invest in Egyptian markets.

The article quotes Egypt expert Robert Rook, who said, “Egypt may be a better bet for investment than under Morsi or even under [his predecessor Hosni] Mubarak in his last decade in power.”

“Sisi gets some genuine credit,” he adds.

Al-Sisi is also credited for Egypt’s rise in global transparency rankings from 114 to 94 out of 175 in the last year. However, as the numbers suggest Egypt still has a long path ahead.

Borschevskaya also believes that Egyptians at large are supportive of Al-Sisi’s economic efforts and are willing to endure short-term hardships for the prospects of long-term growth and development.

Egypt’s most difficult challenge, according to the article, will be creating contracted work opportunities, especially for the country’s youth. Egyptians under the age of 35 make up two thirds of Egypt’s population, according to Deutsch Welle.

The Washington Institute for Near East Policy (WINEP) is a think tank based in Washington, D.C. focused on United States foreign policy in the Middle East. Established in 1985, the institute’s mission statement says that it seeks “to advance a balanced and realistic understanding of American interests in the Middle East and to promote the policies that secure them.”