Al-Said said, in a press conference after a meeting of the Egyptian Council of Ministers, commenting on the measures taken by the Egyptian government with regard to the profits of the foreign investor, as well as the mechanisms for providing foreign exchange, in order to deal with the rumors raised on these issues, that to deal with this problem and increase the volume of income, short and medium term measures have been taken by the Egyptian government.
According to the Egyptian Minister of Planning, Dr. Hala Al-Saeed:
Tourism sector revenue increased by 25%, Suez Canal revenue increased by about 30%, overall export volume increased, and imports decreased by 34%, resulting in an improvement in the trade balance.
The Egyptian minister also referred to the program of proposals aimed at encouraging foreign investment, increasing dollar resources and balancing the foreign exchange market, also explaining the cabinet’s agreement to rationalize investment expenditure, in particular that which have a dollar component, in order to save state resources. and stimulate private sector and investor participation.
Regarding the profits of the investor, Dr. Mostafa Madbouly, Prime Minister, commenting on the same question, explained that the Egyptian state during the first months of the crisis did not experience any problems related to the transfer of profits of the investor, and the proof because it is that in the middle of the crisis, the State authorized the exit of 21 billion dollars, this is what is called “hot money”, which proves that the Egyptian government has not imposed any restrictions on the entry and exit of investors. money.
Dr Mostafa Madbouly asserted that the Egyptian state is fully committed to facilitating the exit of profits for investors, and said: “I would like to reassure Egyptians that Egypt is capable of bridging the dollar gap. … Today, there is a very clear situation foreseeing that.”
Madbouly said that the more investments are injected into the country, the more hard currencies become available and the dollar crisis lessens, and the Egyptian pound is valued at its real value, pointing out that the Egyptian pound is undervalued due to the lack of of foreign currency.
And on the monitoring and control mechanisms needed to implement the set of decisions announced today that encourage the private sector and investment in general, and overcome implementation challenges; Dr Mostafa Madbouly said the Council of Ministers today discussed “sustainable follow-up mechanisms” for all these decisions, to ensure progress is made in their implementation.
And regarding the possibility of conflicts or differences in the application of the decisions issued by the Supreme Council of Investment between the governorates and the different competent authorities of the State, the adviser Omar Marwan, Minister of Justice, said that the practical reality showed that there is a difference in the application of certain decisions and laws between one ministry and another or between one governorate and another, except We are in the process of publishing detailed regulatory decisions in the coming days, which will be disseminated to all ministries, governorates and various agencies, concerning the treatment of certain specific points.
Dr Mostafa Madbouly commented on this point by referring to the need for follow-up of the execution of the decisions rendered, and this is why the emphasis today was on the importance for each minister to ensure the follow-up of its decisions or procedures that are taken, because there are many measures, but there is a problem that we face, which is that some employees interpret the decisions as presenting challenges.
And he pointed out that the coming period requires speed and extreme boldness in making and implementing decisions, and that there is a presidential directive in this regard, and that transactions are carried out through digitization and the acceleration of its implementation, in order to reduce direct friction between the investor and the employees, and there is a subject that we seek to implement, which is an electronic platform that serves every investor who wants to start a business or its liquidation, and there are many electronic services that are prepared in cooperation with the ministries of planning, communications and information technology, so we have almost 200 electronic services in the “Digital Egypt” platform.
Regarding the extent to which citizens have benefited from the decisions and incentives made for the investment sector in Egypt, the Prime Minister indicated that whenever there is an increase in the volume of investments, it is followed by an increase in the amount of hard currency available. , which positively reflects the value of the Egyptian pound and contributes to its valuation. With real value, he added that these decisions also contribute to providing more job opportunities for young people, stating: “The state is obliged to provide one million new job opportunities every year,” according to the Egyptian Middle East News Agency.
In this context, he highlighted the Egyptian government’s efforts to pump in more public investment to provide more job opportunities.
He added that the volume of investments that will be injected by local and foreign investors will contribute to reducing the rate of inflation, which has a positive impact on the level of commodity prices.
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