State ownership document not 'sale of assets': Madbouli at Egypt's Economic Conference 2022

CAIRO - 24 October 2022: “A state ownership document is not a sale of state assets,” Egypt’s Prime Minister Mostafa Madbouli stated.

 

Madbouli elaborated that the document aims to develop a clear and specific regulatory framework for regulating relations in economic activities between the state and the private sector.

 

He added that the document works to reassure the local or foreign investor of his investments in the medium and long term.

 

“Some people have promoted that exiting from some sectors means selling the assets of Egypt, which is wrong, and Egypt does not sell its assets.,” Madbouli said.

 

This came during Madbouli’s statements during the session of the state ownership document and the real estate wealth inventory system at the Egypt’s Economic Conference 2022.

 

“We would like to implement the state ownership policy document as soon as it is issued,” he said.

 

He clarified that the state retains ownership of the asset, but the management and operation is entirely private.

 

Madbouli noted that there are some projects that need to be expanded and capital increased, so the private sector enters and participates in the capital increase.

 

Regarding the real estate wealth inventory system, the premier said that the state pays attention to it, noting that it contributes to maximizing the sector's wealth and serves as a map for it.

 

Madbouli emphasized the importance of assigning a national number to each property located in the country.

 

Furthermore, he said that the state participates in some private investments to fill the gaps in some sectors.

 

“We aspire to reach a general framework at the conference to set a strategy for the industry within 10 years,” he pointed out.

 

According to the Prime Minister, Overpopulation is an obstacle to the state.

 

On another note, Madbouli stated that Egypt needs a strategy to develop the industry.

 

“There is no entity in the state that imposes fees except by getting an approval from the Cabinet,” he said. 

 

The activities of the second day of the Egypt’s Economic Conference 2022 kicked off, in the presence of Prime Minister Mostafa Madbouli.

 

The activities include 13 sessions throughout the day, the first session discussing the policy of state ownership to stand on the general features of the state ownership policy document, competitive neutrality and its role in achieving sustainable development goals, and a review of policies and measures adopted by the Egyptian government to promote competitive neutrality.

 

The session also addressed a number of axes related to the mechanisms for implementing the Egyptian state ownership policy, the principles governing the presence of the state in economic activity, in addition to the strategy of the Competition Protection Authority and the prevention of monopolistic practices, as well as competitive neutrality and the enabling legislative environment for economic activity, and the role of competitive neutrality policy in strengthening economies.

 

It also discussed the role of competitive neutrality in enhancing the participation of the private sector in the Egyptian economy and attracting foreign direct investment.