Egyptian Nobel laureate Ahmed Zeweil called on prospective investors Saturday to look at the bigger picture on Egypt and not simply the country's current challenges.
Zeweil said that for investors there are two ways to look at Egypt regarding possible investments. The first way is microscopically, honing in on Egypt’s current conditions and seeing its problems, including bureaucracy, unemployment, and present security conditions.
The second way is to look at Egypt telescopically, zooming out and seeing the bigger picture, such as the richness of Egypt's history, its human capital, the fertility of investment, and changing laws to spur investment.
Zeweil suggested to investors, during the second day of the highly-publicised Economic Development Conference, to look at Egypt telescopically: “Invest in Egypt, invest in the future.”
He also highlighted to possible investors “a unique opportunity for investing in human capital as two-thirds of the country are youth."
Zeweil, a pioneer in femtochemistry, said that Egypt should develop its educational system and found a knowledge-based economy.
He gave the example of how the creation of one medical pill can make revenues of tens of millions of dollars, and how social media websites such as Facebook can generate millions.
Zeweil, who is also an advisor to President Abdel-Fattah El-Sisi, said that through his communication with the president and prime minister he feels there is a “change in the administration,” and that they are trying very hard to reach a “knowledge-based society.”
He gave the example of Zeweil City for Science and Technology, a new science university aiming make progress in scientific research, dubbing it a “national project” as both the people and the government donated for its development.
The Egypt Economic Development Conference is being held in the resort city of Sharm El-Sheikh. It is part of efforts to promote stability and economic development after four years of political turmoil that has battered Egypt's economy.
On the first day of the conference, Gulf allies Kuwait, Saudi Arabia, the United Arab Emirates and Oman collectively pledged $12.5 billion to Egypt in aid.