CAIRO - 25 October 2022: Prime Minister Mostafa Madbouli said on Tuesday the final formulation of the State Ownership Policy Document will be scrutinized to be submitted before the Cabinet within weeks to be approved by the president.
Madbouli was delivering a speech during the concluding session of Egypt's Economic Conference 2022 in the presence of President Abdel Fattah El Sisi, ministers, experts, and heads of parties.
Madbuli noted the government will implement a set of procedures in the short term to get familiarized with the most important obstacles that various sectors face and develop immediate solutions for them, clarifying that among these procedures is adopting a package of investment incentives for strategic industries.
The procedures include holding an annual economic conference to promote investment in Egypt, through which international companies will be invited to show the investment opportunities and evaluate the agreed roadmap, the prime minister said.
According to Madbouli, the first conference will be in the first half of 2023.
Moreover, a social package will be prepared in the coming period in light of the increasing rates of inflation to be implemented by November, the premier added.
The letters of credit system will be canceled within two months in coordination with the Central Bank of Egypt (CBE), the prime minister said, pointing out that the national strategy for the Egyptian industry will be launched within three months at a maximum.
He pointed to the Cabinet's decision that the government bodies should not impose any fees without the Cabinet's approval.
He asserted the government's commitment to competitive neutrality in accordance with international best practices.
The government aims to maximize the return on state-owned assets through successful partnerships with the private sector in a large number of priority areas, through multiple partnership mechanisms, he added.
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