Increasing competitiveness of EGX will attract foreign, local investment: Farid

CAIRO – 16 September 2019: The Egyptian Exchange’s (EGX) management is working with all parties to develop the stock market in a way that contributes to increasing the competitiveness of the Egyptian financial market, according to EGX’s Chairman Mohamed Farid.

Farid clarified Monday that increasing the competitiveness of the Egyptian market is an important tool to attract foreign and domestic investments to the Egyptian economy.

"Capital markets play a major role in strengthening the state's plans for economic and social development by helping companies in various economic sectors to access the necessary financing and increase their business volume, thus creating new jobs and increasing the productive capacities of the country," he stated.

This came during signing an MOU with Alexandria University to increase awareness of capital market among students.

Farid commented that signing the MoU with Alexandria University will support the bourse’s efforts to raise the level of knowledge in the society, especially among the new generations of university graduates. He clarified that this long-term investment in university graduates does not only take place at the theoretical level, but also includes organizing competitions and training them on systems that simulate the process of trading and investment in EGX.

The chairman of EGX pointed out that joint working groups will be formed between the EGX and Alexandria University to develop the mechanisms, controls and executive procedures necessary to achieve the objectives of the agreement.