Last week, during celebrations of the inauguration of new naval units for the Suez Canal Authority, the president called for organising an economic conference by the end of this month to bring together experts on the subject and discuss the current situation. 

Holding an economic conference was, and continues to be, a pressing request by investors, manufacturers and all those interested in the economy, and will be welcomed by all. However, its coincidence with the upcoming National Dialogue sessions, which include an economic chapter (in addition to the political and social ones) raises questions about what is meant by such economic conferences, whether we need two parallel economic dialogues, and why call for the second while the first has not started yet.

Personally, I do not see a contradiction between the two, as long as they each have a different subject and a separate goal.

As far as I understand, the National Economic Dialogue will seek to provide the broad outlines or road map for the advance of the economy in general, thus tackling public debt, state finance, the various economic sectors, the role of the state in the economy, the competitiveness of our national economy, our balance of payments, in addition to other major issues that need review. This dialogue will thus take time, and will require serious studies, extensive discussions, analysis of data and economic indicators, as well as understanding the changing world economy.

It would therefore make sense as well as avoid duplication, if the purpose of the economic conference called upon by the president by end of this month was the current economic crisis and the short term policies and measures that could deal with it urgently.

More specifically, I cannot think of a more pressing and worthy subject for this emergency conference than investment. This is not only an urgent issue, but actually the central issue on which the country’s future and stability depend.

It is an issue that is ready for immediate discussion because the problems are known, the solutions have being talked about, and the involved parties are available for engagement. All we need is for the state to listen to real investors, big and small, presenting their priorities, demands and proposals, and to interact with them seriously and take specific and quick steps to resolve pending complaints and attract much needed investment.

In fact, the investment file is so paramount that I would suggest that the forthcoming conference should be confined to it alone, without addressing other economic issues that may all be important, but are not as urgent. This would include key issues such as:

- The overall framework for investment licenses (especially industrial) and the elimination of conflicting powers granted to various agencies. 

- The tax regime applicable to investment, and the protection of investors from arbitrary collection, additional fees, outdated claims, or ones that have no basis in law. 

- The need to resolve pending disputes regarding investment land that has already been granted and approved and which continues to be blocked by various state agencies. 

- Encouragement of small and medium enterprises, especially since the implementation of a new law passed two years ago for this purpose has not yielded the expected outcome.

- Review of bankruptcy rules and procedures (and protection against it) because despite recent legislative amendments, our bankruptcy regime is still not adequate. 

- Setting clear boundaries for the state’s investments and sectors in which it intends to be active, which may be within the framework of the State Own Document currently being discussed.

- And, last but not least, taking the necessary measures to enable our Investment Authority to fully and independently carry out its promotional and investment supportive roles, without being restricted by other state agencies. 

We need an economic conference where various opinions are heard, honest exchanges made, and practical solutions suggested. But more importantly we need to focus on what is urgent now and what quick gains that can be made. As far as I am concerned, investment comes first.

* This article also appears in today’s edition of the daily Al-Masry Al-Youm.

*A version of this article appears in print in the 15 September, 2022 edition of Al-Ahram Weekly.