«مدبولي» و«بن عبد الرحمان» يترأسان أعمال المنتدى الاقتصادي المصري ـ الجزائري المشترك

This morning, Thursday morning, the work of the Egyptian-Algerian joint economic forum began, headed by Dr. Mostafa Madbouly, Prime Minister, and Algerian Prime Minister Ayman Ben Abderrahmane. Promising Economic Partnership”, in the presence of the two ministerial delegations from the two countries, officials of the Chambers of Commerce and Industry, and representatives of the private sector in Egypt and Algeria.

Long live Egypt

The Prime Minister delivers a speech at the Egyptian-Algerian Economic Forum

Dr. Mustafa Madbouly gave a speech at the opening of the forum, which he started by extending heartfelt congratulations to his Algerian counterpart, and to all the brothers in Algeria; On the occasion of the approaching celebration of the sixtieth anniversary of the independence of Algeria.

On this occasion, the Prime Minister expressed his best wishes to brotherly Algeria and its great people, for continued stability, further progress, progress and prosperity, under the wise leadership of President Abdelmadjid Tebboune, and thanked the government of the Algerian Republic for the warm reception and hospitality, and for the good organization of this forum and committee meetings. joint supreme.

Develop regulatory frameworks and launch appropriate mechanisms to provide the best investment climate

The Prime Minister said: “We attach great importance to business forums, no less than our government meetings, but I confirm that a large part of the discussions of the Algerian and Egyptian governments focus on setting regulatory frameworks and launching the appropriate mechanisms to provide the best investment climate and the easiest business environment, which provides broad prospects for launching Business owners and investors in our two countries towards development partnerships and constructive integration in the various sectors of commodity and service production.”

Madbouly affirms Egypt’s keenness to consult with friendly and brotherly governments.

Madbouly added: “There is no doubt that our interest is growing day by day in holding such forums, based on a shared belief in the vital role of the private sector in advancing economic activity and contributing to achieving development, especially in this historical circumstance that the global economy is going through, and the challenges it faces. Repercussions resulting from the “Covid-19” pandemic, the Russian-Ukrainian crisis, climate change, and other major crises that require strengthening the degree of economic resilience and adapting development policies through cooperation and joint action. Therefore, we are keen on dialogue and consultation with friendly and brotherly governments; In order to coordinate policies, exchange experiences and visions, to stimulate the private sector for more investment, production, employment, technology transfer and localization; This has a positive impact on controlling markets and prices, increasing income levels, and raising growth and productivity rates.”

Increasing the volume of trade between Egypt and Algeria to a level that is compatible with the productive potentials in them

In this context, the Prime Minister stressed that in light of what the private sector needs to facilitate the flow of goods and capital flows and the freedom to transfer surpluses, specialists in the two governments discussed all concerns, and we reached understandings to increase the volume of trade between our two countries to a level that is compatible with production capabilities. In both countries, and the large market size in both Egypt and Algeria, taking into account the requirements of increasing trade in terms of providing infrastructure and modern means of transportation, pointing out that the recent agreement between Egypt and Tunisia to work to operate a regular shipping line to transport goods between the two countries, also makes us look forward to Operating a regular shipping line between the ports of Egypt and Algeria; In order to increase and speed the flow of trade between our two countries.

During his speech, the Prime Minister stressed that the presence of the Egyptian ministerial delegation today in these meetings and discussions gives the opportunity to inform the Algerian side of what the Egyptian state has accomplished at the national level in developing the business climate, to ensure that the national and foreign private sector play the greatest role in development endeavors, and in this regard Dr. Mostafa Madbouly said: You are not aware of the exceptional circumstances that affected the Egyptian state for several years, and had effects on the social security of the citizen, the productive capacities of the business sector, infrastructure and utilities, and other elements of development that negatively affected the mental image of the state and its comprehensive strength, Adding: At that time, the Egyptian state took action. The government and the people decided to rise again, and to fight demolition with construction, to make up for what was missed. Therefore, the state headed to the completion of giant development projects, and intervened to fill the gaps that the private sector was not able to provide.

Dr. Mostafa Madbouly continued, saying: From here, the state took upon itself the task of planning and financing, and thousands of national companies participated in the completion of every giant project that took place on the land of Egypt, and with the participation of the Egyptian private sector, we achieved a great development renaissance that opened wide horizons for work and increased national income, and created multiple investment opportunities. These activities have provided millions of job opportunities for our youth, and the construction boom is still going on, and the mega projects are changing the face of life in Egypt and contributing to the inauguration of the “new republic”.

The Prime Minister also stressed that what was achieved was not only in giant projects led by the state to achieve development, with the participation of the private sector, but we also worked hard to improve the investment climate in Egypt, through many legislative, procedural and institutional reforms, with the aim of facilitating and simplifying procedures for investors. He explained that a new investment law was issued and the tax law was amended, the law on private sector participation in infrastructure projects, services and public utilities, and other legislations that serve the private sector and facilitate the process of cooperation.

In the same context, Madbouly added that the state has also undertaken, during the past few years, many procedural and institutional reforms; With the aim of facilitating and simplifying procedures for investors, which contributed to achieving positive results in the field of establishing companies, in terms of time, cost and number of procedures needed to start activity and register companies through the investor service centers of the General Authority for Investment and Free Zones, and we worked on reducing bureaucracy and simplifying and enhancing investment operations in the market Egyptian.

The Prime Minister listed the steps adopted in this regard, stressing that the most prominent of these steps was to reduce the time required for obtaining approvals and licenses to a maximum of 20 working days, in addition to activating a very important article in the investment law, which is the granting of the golden license, which requires all other approvals. In large development projects, whether industrial or any other projects that the state deems important and contribute to the growth of the Egyptian economy, pointing at the same time to the formation of the permanent unit to solve investors’ problems in the Council of Ministers, under its direct supervision, explaining that this was issued despite the existence of other effective mechanisms in In this regard, however, it comes to receive any problems for investors and work to solve and settle them immediately within a few days; To contribute to creating a good climate for the investment environment in Egypt.

Dr. Mostafa Madbouly continued listing the measures taken by the Egyptian state, noting in this regard to the implementation of the governance of the main regulatory institutions in the state, which would protect competition, prevent monopolistic practices, protect the consumer, and maintain the safety of food and medicine, stressing that our concern in Egypt is currently represented In making room for the private sector, since we started the bold economic reform program that Egypt accomplished during the period 2016-2019, and the subsequent national priority structural reforms program, which was praised by the competent international organizations.

During his speech, the Prime Minister also referred to the important steps taken by the Egyptian state based on the directives of His Excellency President Abdel Fattah El-Sisi, President of the Republic. Starting with the preparation of the “State Ownership Policy” document, which is a very important document that we put before the world and the private sector, to define the philosophy of the state’s presence with its various institutions in economic activity, and announce the mechanisms for exiting from the activities that the state considers that the private sector should partially or completely undertake.

The Prime Minister said: Today, as we launch a new phase of Egyptian-Algerian economic relations, the Egyptian issue is witnessing a serious scientific dialogue regarding the draft of this document, and it is planned that this dialogue will continue with the active participation of a group of experts, specialists and representatives of the private sector themselves, within two months, and in the context of Connected, the Egyptian government is adopting additional paths to enhance the role of the private sector in the Egyptian economy; At the forefront of which is the establishment of large holding companies to be offered in the stock markets, focusing on the maritime and hotel transport sectors, in addition to offering a number of companies on the Egyptian Stock Exchange during the next stage, as well as offering state-owned companies or selling shares of them to strategic investors, in addition to launching new projects. Foreign direct investment in the areas of: communications and information technology, and new and renewable energy.

Dr. Mostafa Madbouly added: We also aim to open new areas for foreign direct investment in communications, information technology, seawater desalination projects, and new and renewable energy. With the state’s plan to transition to a green economy.

In addition, the Prime Minister indicated that the state has also taken another important decision, which is to allow the establishment of companies by default without the need to be physically present, to make them available to sectors such as youth, entrepreneurs and start-ups, in order to encourage these sectors to start their own projects without hindrances. Follow up the implementation of this on the ground with the concerned state authorities.

In terms of incentives, the Prime Minister indicated that the Egyptian government has significantly expanded the incentives granted to investors, and another set of incentives is being prepared, including a tax incentive to be granted to projects that will be established from the beginning in certain geographical areas, most notably fourth-generation cities, such as the Administrative Capital. New Alamein, New Mansoura, and the Suez Canal Economic Zone, to encourage new investments in these geographical areas, which we see as developmental areas during the next stage.

Dr. Mustafa Madbouly directed his speech to representatives of the Algerian private sector, saying: We aim to increase the percentage of private sector investments in total public investments from 30% currently to 65% of total investments in Egypt during the next three years, and therefore you have a promising market in your second country, Egypt. Diverse and profitable investment opportunities await you.

The Prime Minister said: The efforts we have made have already been reflected in the vision of international organizations and credit rating agencies. A few days ago, Fitch raised its forecast for the growth of the Egyptian economy from 5.6% to 6.2% in 2022, mainly due to the momentum of economic reforms supported by the international view of Egypt, foremost of which is the Egyptian government’s implementation of many reforms related to the budget and fiscal policies. , monetary policy procedures and communication with the International Monetary Fund to obtain a new financing program, in addition to the government’s announcement of plans to offer shares in state-owned companies, as well as a new set of financial reforms through the digitization of the tax system and the development of the customs system.

Dr. Mostafa Madbouly also addressed his speech to representatives of the Egyptian private sector, saying: You came with this diverse presence in response to the desire of our Algerian brothers, and you have brothers who have been working for years in the Algerian economy. .

The Prime Minister listed figures indicating the volume of trade exchange between Egypt and Algeria, expressing his aspiration for the need for the Egyptian and Algerian sides to double these numbers in the near future.

The Prime Minister concluded his speech by congratulating the participants in the events for holding this forum, thanking the sisterly Algerian government for its good organization, and wishing continued success and payment for all. invest in it.

The Prime Minister said: In conclusion, we are on the cusp of a few days of the anniversary of the celebration of the 60th anniversary of Algeria’s independence. And you, brothers, are celebrating this year under the slogan “A glorious history… and a new era”… I cannot find more precious than this immortal sentence of the Algerian national anthem, to conclude with my word: “We have extended a hand to you, O glory… and we are determined that Algeria will live… Long live Algeria, long live Egypt.”