Beirut, October 18 (.) – Egyptian President Abdel Fattah Al-Sisi, in a speech this Friday at the BRICS Business Forum hosted by the Russian city, urged the BRICS group to improve the Egyptian economy. promised to reduce state intervention. Moscow.
“Egypt is firmly on the path of economic reform and inclusive development, striving to achieve a more sustainable economy and the ability to withstand crises,” Al-Sisi said in his speech. In this context, he referred to the recent adoption of the National Security Policy. Take ambitious steps to improve the investment climate and strengthen the role of the private sector, while reducing the presence of the state.
According to the Egyptian president, the aim of this series of measures is to encourage the private sector to “exercise leadership in economic development and overcome the obstacles faced by investors.”
Among the key reforms he listed were “the imposition of limits on government investment to provide more opportunities for the private sector, and the continued implementation of the government’s initial public offering program under the National Property Policy Document.” etc. were mentioned.
All this is in addition to offering a package of tariff exemptions and tax incentives to streamline bureaucratic procedures, while Egypt is also looking to improve its communications and information technology sector, manufacturing, and especially green regeneration. We are continuing our efforts towards the development of possible energy. hydrogen.
Mr. Al-Sisi said that the above is in line with “ambitious plans and goals to maximize the interests of the nation,” including the implementation of mega-infrastructure projects and the development of transportation, communications and port systems in various parts of the country. He said that they are being carried out in parallel. “Egypt’s unique and strategic geographical location.”
“Perhaps one of the most ambitious and prominent Egyptian projects is the Suez Canal Special Economic Zone, which offers great investment opportunities in terms of the diverse industrial base it offers and the benefits of exports to all parts of the world. “The president elaborated.
Egypt’s president participated in this preparatory forum for the BRICS summit to be held in Kazan from October 22 to 24, but leaders of member states need to define criteria for other countries to participate.
Brazil, Russia, India and China formed the BRIC group in 2006, South Africa added an “S” to the acronym and joined the BRIC group in 2010, and in 2024 the group was joined by Egypt, Iran and the United Arab Emirates. Four members of the United States joined the Confederation of Nations. And Ethiopia.
Saudi Arabia is considering joining as a full member, a situation that could be revealed at the Kazan meeting, while Turkey, Azerbaijan, Cuba and Venezuela have formally expressed interest in joining BRICS. are.