Egypt s Prime Minister Mostafa Madbouly chairing the weekly cabinet meeting on Wednesday. (Photo courtesy of Egyptian Cabinet)
The announcement was made following a cabinet meeting during which Madbouly presented the proposed agenda of the three-day conference, noting that the detailed agenda will be announced next week.
A website for the conference will be launched in the coming week to receive suggestions and proposals, a statement by the cabinet read.
This came after El-Sisi urged the government in early September to organise an economic conference to discuss the present conditions and outlook in order to boost all sectors of the domestic economy.
The visions of experts and representatives of the business community are to be taken during the conference, said Madbouly.
El-Sisi stated on Tuesday that the conference will be a great opportunity to present all the obstacles facing investors.
The president stressed Egypt’s interest in eliminating impediments to industrial development, affirming that obstacles to investment will be removed within a month or two.
“We will present the problems that exist and that meet the investor. It is not a defect in the government or the state that we will present. We will confront and solve them so that no problems will hinder investment," El-Sisi stated while inaugurating a number of national projects affiliated to the General Authority for Investment and Free Zones (GAFI) on Tuesday.
He added that the state "is targeting $100 billion in exports, and this figure is not great for a country the size of Egypt with 104 million people,” stressing that Egyptian labour wages are not high compared to other countries.
Egypt’s exports increased by 20 percent in the first quarter of 2022, compared to the same period in 2021, despite the global crises, according to Minister of Trade and Industry Nevine Gamea.
Egypt’s non-oil exports reached an all-time high of $32.1 billion in 2021, up from the $25.4 billion recorded in 2020 – an increase of 26 percent – according to figures released by the trade ministry.
Egypt has been working to grant the private sector a greater role in the country’s economic activities. In June, Egypt launched the State Ownership Policy Document that charts a roadmap for expanding the private sector’s role in a number of economic activities in the Egyptian market.
Through the policy document, Egypt plans to raise the private sector’s share in economic activities to 65 percent over three years, up from the current 30 percent.