FEI Chief: Egypt is first Arab, African country to join international business alliance

Chairman of the Federation of Egyptian Industries (FEI) Mohamed Zaki el Sewedy voiced happiness over representing Egypt as the first Arab and African country to join the international business alliance, currently is session in India’s New Delhi.

Addressing the meeting, Sewedy asserted that business owners in Egypt are very optimistic over the recent developments taking place in the country, adding that the road towards reform has already started and goals would be achieved through sustained dialogue between the government and business communities based on transparency, according to a statement by FEI.

Sewedy reviewed the economic reforms that have been launched in Egypt over the past years, reiterating that the mega infrastructure projects and the construction of exclusive economic zones especially in the Suez Canal would open a new era in the fields of industry, logistic services and others.

He also highlighted the legislative reforms introduced by the government, citing the new investment law as well as measures to facilitate the establishment of new companies and industrial facilities.

Sewedy also pointed out to reports of the International Monetary Fund regarding indicators about Egypt which highlighted a recovery of the country’s economy. He added that Egypt’s foreign reserves were dlrs 16 billion in 2012, rising up to dlrs 42 billion now.

Source: State Information Service Egypt