Egypt pledges barrier-free business environment

The Egyptian Government is seeking to create "distinctive environmental atmosphere" that provides free entry and exit from the domestic markets, said Prime Minister Ibrahim Mahlab on Saturday, while addressing second session of Egypt Economic Development Conference that got underway on Friday.
The government is taking measures aimed at tackling old and structural drawbacks in the economy, said Mahlab, expressing confidence in the local economic potentials, sufficient to ensure boost.
Egypt occupies special geographical location that enables it to turn into an international center that provides transport and logistical services, the premier added, also indicating at recent action aimed at realizing political stability.
Premier Mahlab confirmed the government plans to give greater role for the private sector so it may play its role for boosting productivity according to international standards, in terms of competitiveness, quality and diversification.
Mahlab affirmed the approach to launch mega ventures, singling out the key new Suez canal project, "designed to facilitate and boost international trade, double state revenues, hike the national income as well as secure thousands of jobs." For his part, Saudi Minister of Finance Ibrahim Al-Assaf expressed confidence in the Egyptian government development plans, adding that Riyadh would sign cooperation accords with Cairo in the energy sector, soon.
UAE Minister of State Sultan Al-Jaber indicated at agreements with the Egyptian government on executing a number of ventures in the infrastructure, energy, housing, food, education, vocational training, health care, transports and communication.
"Egypt is on the right track of building a sustainable economy," he said.
Governor of the Egyptian Central Bank Hisham Ramez acknowledged that the Egyptian economy turned weaker due to the 2011 events, however, till December 2014, overall assets increased 53 percent, bank deposits 65 percent and loans 37 percent, as compared to the figures in 2011.
The EEDC continued for the second day, on Saturday, at its venue in Sharm El Sheikh, with participation of a large number of Arab and foreign figures and organizations and individual entrepreneurs.
Egyptian President Abelfatah Al-Sisi, at the conference opening session on Friday, lauded His Highness the Amir's announcement that Kuwait would support Egypt with USD four billion, with aim of helping the nation shore up the economy. Identical sums of aid were also declared by each of Saudi Arabia and the UAE.
Oman, for its part, announced USD 500 million worth of assistance to back up the Egyptian economy. Moreover, the participating leaders re-affirmed support for Cairo in its war against terrorism.
The convention is due to conclude on Sunday, with a declaration about plans to render Egypt a major regional investment hub.