Chairman of Egyptian-European business Council, Businessman, Mohammed Abul Enein has identified six steps to promote Egyptian industry, including; increasing the adding value of this important sector, pay an attention to future industries, localize the industries in different production centers in Egypt, creating labor-intensive industries, creating export industries with particular policies and certain places, creating production specialization in an integrated industrial cities, and inviting global companies to them.
Abul Enein gives an example of China, which had allocated an industrial zone for automotive industries, and invited global companies to establish factories with taxes exemption, noting that, China has benefited by attracting new investments.
Abul Enein stressed on the sidelines of Egyptian-European business council meeting that increasing energy prices led to decline in the Egyptian industry’s competitive advantage, which made the country lose the export markets, and rely only on the domestic ones.
*Parliamentarians’ performance
Abu El-Einen pointed out that performance of some parliamentarians is excellent، but others are inexperienced.
Abu El-Einen، said: “If I were a parliamentarian، I would have asked the Prime Minister to announce the goals which he would achieve during the year،”
“What are his plans and monthly goals in each sector، and what are the targets he hopes to achieve، in addition to specifying the legislation issued by Parliament to support him in achieving those goals،” he added.
Moreover، on the government program، which it briefed the parliament about، Abu El-Einen explained that the government must identify objectives capable of achieving them.
He stressed that there must be adaptation of performance budget and set targets that include indicators to evaluate those targets.
*Other alternatives to (IMF) loan
Abu El-Einen said that Egypt is can do without a loan from the International Monetary Fund (IMF)،which is currently negotiating for.
Abu El-Einen، added: “I fully believe that Egypt is a wealthy country and capable through issuing certain polices، legislations، plans and development programs to come up with billions equivalent to the loan and perhaps more،”
He explained: “We should not rely on the loan as if it’s the only alternative، there are other alternatives of ideas and visions put forward that are capable of increasing revenues and provide funds.”
He continued: “the conditions unfair for the loan excite public opinion، especially the conditions affecting the rise in prices، in addition to the requirements for providing foreign aid to Egypt، about $6 billion، which is a large sum that would force Egypt to borrow it or get it as a deposit، leading to additional burden.”
Furthermore، he warned against not benefiting fully from the loan to solve the economy’s woes،which in this case would have severe repercussions on current and future investments، and thus the economy.
He pointed out that Egypt’s economic cooperation with the IMF has two purposes، the first is a political one which would emphasize that the Egyptian economy is moving in the right direction.
Abu El-Einen stressed that such loan would reassure the financial institutions and banks over the stability of the economic situation in Egypt.
Meanwhile، he confirmed that the second purpose is to deal with the lack of foreign currency crisis and finance development projects.
