Egypt keen on resolving issues facing businessmen: PM

Source:Xinhua Published: 2017/9/27 9:00:01

The Egyptian government is keen on resolving any issues facing businessmen as it is working hard to attract investment, said Egyptian Prime Minister Sherif Ismail on Tuesday.

Ismail's remarks came during a meeting with a delegation from the Mercedes-Benz International as part of the government's efforts to seal business deals with giant world companies and boost foreign investment in the country.

The meeting was also attended by Mohab Mamish, head of both the Suez Canal Authority (SCA) and the General Authority of the Suez Canal Economic Zone (SCZone).

Mamish said that the SCA reached an agreement with the Mercedes-Benz International to establish a distribution center for the large automobiles manufacturer in the SCZone.

Over the past few years, Egypt has been suffering from an economic recession due to political instability and security issues that led to the decline of tourism, foreign currency reserves and foreign investment.

The country started last year a strict three-year economic reform program including the introduction of a full currency floating to tackle a shortage of foreign reserves, in addition to implementing austerity measures, fuel subsidy cuts and tax increases.

Egypt's reform program is supported by a 12-billion-US dollar loan from the International Monetary Fund, a third of which has already been delivered to Egypt in two tranches in November 2016 and July 2017.

Egypt is also about to issue a final version of a long-awaited investment law that is expected to facilitate business startups and lure foreign investors.

Posted in: AFRICA

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