01 December 2021 05:51 PM

Government spares no effort to improve business atmosphere

Wednesday، 27 October 2021 - 09:01 AM
PM: Government spares no effort to improve business, investment atmosphere in Egypt

Prime Minister Mostafa Madbouli said on Tuesday26/10/2021 that the government spares no effort to improve the business and investment atmosphere in Egypt, noting that an ambitious plan was adopted to carry out economic reforms.

During a meeting with representatives of the member states of the Organisation for Economic Co-operation and Development (OECD) in Paris, the prime minister pointed out that the government took several legislative measures to improve the investment environment and make it more attractive for investors, including amending the investment law.

Egypt has been able to overcome difficult challenges over the past ten years, during which it witnessed the outbreak of two revolutions, frequent political turmoil, and the outbreak of the coronavirus pandemic, he said.

The prime minister pointed out that the Egyptian government faces a great challenge to provide more than one million jobs annually to reduce the high unemployment rates.

"In light of the private sector's fear of pumping investments and creating new job opportunities, the government had no choice but to intervene directly to play this role," Madbouli said.

The premier noted that the government has a plan to empower the private sector to take the lead in the coming three years.

The prime minister said that several measures were taken to empower women, expounding that women currently represent 25 percent of ministers and 27 percent of MPs in Egypt.

Madbouli said that the government faces a major challenge to empower women in rural areas, noting that one of the goals of the “Decent Life” presidential initiative is to qualify women for the labor market.

Speaking about education, the prime minister added that financial allocations for the education sector increased by 200 percent in the public budget.

The government works hard to establish 50,000 new classrooms every year to meet the needs of the growing population, Madbouli said.

The Egyptian state places the issues of climate and sustainable development at the top of its priorities, he said, adding that Egypt will review the determinants and frameworks of its national climate strategy at the 26th UN Climate Change Conference (COP26), which will be held in Glasgow next month.

Egypt will host the 27th session of the UN Climate Change Conference (COP 27) in 2022, he said, adding that the country will seek to reduce harmful emissions as part of its national climate strategy.

For his part, Electricity Minister Mohamed Shaker said that Egypt has upgraded the infrastructure of the energy sector in order to achieve sustainable economic development.

Work is in full swing to upgrade the national electrical grid using the latest international standards, he said.

"In 2016, the Egyptian Supreme Council of Energy approved the 2035 Integrated Sustainable Energy Strategy to achieve the required energy balance in Egypt," he said, adding that the contribution of renewable energy, under this strategy, will reach 42% of energy production by 2035.


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