Egypt's Prime Minister Ibrahim Mehleb said on Saturday his government will host a three-day international economic conference in the Red Sea resort of Sharm el-Sheikh starting March 13 to support the country's economy, AP reported.
Saudi Arabia and the United Arab Emirates are partners in organizing the gathering. The two Gulf countries are strong backers of Egypt, doling out billions of dollars to support President Abdel-Fattah El-Sisi's government.
Mehleb said the conference aims to attract international institutions and countries to invest in a "new Egypt." He said his government aims to amend investment-related laws before the conference. He said the aim is to raise Egypt's annual economic growth to 3.8 percent. It has hovered around 2 percent since the country's 2011 revolt.
The Egyptian government plans to attract more foreign investments, and promote planned projects in the next economic summit, for which the government will invite financial institutions and investors from around the world.
Hassan Fahmy, Head of General Authority for Investment and Free Zones (GAFI), said earlier that the conference, which will be attended by investors from many countries, had originally been scheduled for February but was postponed to March to allow for the completion of the master plan for the mega Suez Canal Development project.
“The political leadership has asked the project consultant to prepare the master plan for the Suez project within six months, ending in February…this explains the postponement of the economic summit to March,” he said.
“We have big national projects which the government wishes to present at the conference especially after President Abdel Fattah El Sisi decided to expand the invitation to include all countries to attend this summit.”
Fahmy said projects to be presented include the $multi-billion Suez Canal scheme which was launched by Sisi in August as well as the Golden Triangle minerals project in southern Egypt, tourism projects in the Northern coast, reclamation of four million acres (16,000 square km) of land and the construction of 3,000 km of new roads.
Saudi Arabia and the United Arab Emirates are partners in organizing the gathering. The two Gulf countries are strong backers of Egypt, doling out billions of dollars to support President Abdel-Fattah El-Sisi's government.
Mehleb said the conference aims to attract international institutions and countries to invest in a "new Egypt." He said his government aims to amend investment-related laws before the conference. He said the aim is to raise Egypt's annual economic growth to 3.8 percent. It has hovered around 2 percent since the country's 2011 revolt.
The Egyptian government plans to attract more foreign investments, and promote planned projects in the next economic summit, for which the government will invite financial institutions and investors from around the world.
Hassan Fahmy, Head of General Authority for Investment and Free Zones (GAFI), said earlier that the conference, which will be attended by investors from many countries, had originally been scheduled for February but was postponed to March to allow for the completion of the master plan for the mega Suez Canal Development project.
“The political leadership has asked the project consultant to prepare the master plan for the Suez project within six months, ending in February…this explains the postponement of the economic summit to March,” he said.
“We have big national projects which the government wishes to present at the conference especially after President Abdel Fattah El Sisi decided to expand the invitation to include all countries to attend this summit.”
Fahmy said projects to be presented include the $multi-billion Suez Canal scheme which was launched by Sisi in August as well as the Golden Triangle minerals project in southern Egypt, tourism projects in the Northern coast, reclamation of four million acres (16,000 square km) of land and the construction of 3,000 km of new roads.
Source:
Mubasher
