Sisi says economic conference to be platform for annual ‘statement of account’

MENA , Tuesday 25 Oct 2022

President Abdel-Fattah El-Sisi has asserted that the Economic Conference will be a stable economic platform for annual 'statement of account' on the achievements made in all fields, reiterating the necessity of working out institutional mechanisms to handle all problems.

Abdel-Fattah El-Sisi
Egyptian President Abdel-Fattah El-Sisi speaks during the final day of the Egypt s Economic Conference 2022 on Tuesday 25 October, 2022. Photo courtesy of Egyptian Presidential spokesman Facebook page.


El-Sisi was speaking on the final day of Egypt’s Economic Conference 2022, which started on Sunday, with the participation of senior government officials, high-profile economists, intellectuals, thinkers, specialists and businessmen.

A series of recommendations resulted from the three-day event that aim to boost all domestic economic sectors amid the current global economic crisis.

In his speech, El-Sisi vowed “we are committed to implementing all recommendations issued by the conference.”

He also said the issues pertaining to the political environment in Egypt, the Middle East and the region are closely related to the economy.

El-Sisi noted that the national dialogue, which was launched in April, aims to foster discussion among all Egyptians of all possible issues, be they in the economy or politics, sociology, culture, media or religion.

He also said the dialogues in such fields will be fruitful for discussions in other files.

He noted that the most important thing is how to implement the conference's suggestions.

El-Sisi said the government will surely face problems in implementing the conference's recommendations, asserting that there should be stable institutional mechanisms for doing so.

He emphasised that there should be a stable economic platform every year to be a statement of account, noting that the leadership and government periodically receive a report every three months about the government's achievements.

The conference included three tracks: macroeconomic policies, widening the scope of private sector contribution to the national economy and drawing up a roadmap for the Egyptian economic priorities in the coming stage.


The president criticised remarks made by some Egyptian businessmen that the state does not allow competition, saying such remarks do not encourage foreign investment in Egypt.

He affirmed the importance of developing ports across the country to meet global trade needs, recalling the experts' suggestion about the participation of the private sector and investors in this development process.


“I called on Transport Minister Kamel El-Wazir to establish Ain Sokhna Port, and he pointed to the lack of financial capability to do so. Therefore, I asked for the Armed Forces' assistance,” Sisi said, adding, “Are the businessmen ready to pump EGP 40-50 billion to establish the port without knowing its revenues?”

El-Sisi said that he was also told that the development of Mehwar El-Taameer (El-Taameer Axis) in Alexandria, would be completed in FY2024-2025. He therefore tasked the Armed Forces with finishing it within a year-and-a-half.

The 55-kilometre-road had been built for EGP 30 billion, according to the president.

El-Sisi also recalled his first meeting with the investors when he was a presidential candidate, saying that he told them he needed EGP 100 billion to deal with the ramifications of the events of 2011 and 2013.

He also thanked the Armed Forces for their role in supporting the state and achieving development, adding that what has been achieved over the past five years equals what had been done during the previous 100.

The president asked about the private sector's readiness to contribute to developing the industrial sector after the state finishes its role in this file.

He added that he did not ask the private sector to invest in the ports, airports or the railway.

El-Sisi also mentioned that the state needs about 60,000 classrooms annually to accommodate about 30 to 40 students, adding the country needs EGP 60 billion to establish new classrooms nationwide.

The president noted that he pays attention to all sectors inside the state. He also denied claims that national universities have been established to serve the rich only, saying that they aim to create a better educational environment for a lower cost.

He also called on the private sector to engage in the operation and management of hospitals.

El-Sisi also said the cost of land reclamation and cultivation is increasing, clarifying that 1 million feddans would need EGP 150 billion to be cultivated.

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