By Omar Abdelhameed and Abdelrazik El-Shewikhy
President Mohamed Morsy has tasked Hassan Malek, head of the Egyptian Business Development Association (EBDA), with forming a committee to research the recommendations of the business community to attract more investment in the coming period.
Helal also noted that the President called on the business community to provide more job opportunities to help address the rising unemployment. The President said that businesses would receive additional support from the government for every job created, adding that his door is open to discuss problems facing the business sector.“We discussed with the president the lack of political stability and its impact on industry, and attracting investments,” said Helal, “We also discussed providing state subsidies for certain industries through tax exemptions or by postponing the requirement to pay certain taxes until security problems, which have hindered industry in many areas, recede.”
The 10th of Ramadan Investors Union offered to help solve the gas cylinders problem within two months, and plans to issue a memorandum on this issue to the president next week.
Mohamed El-Masry, Vice President of the Federation of Egyptian Chambers of Commerce, said that the meeting with the President was reassuring, with the president confirming the extent of his interest in economic growth. He said that President Morsy was keen on developing the industrial, service, and business sectors so that the economy can better absorb Egyptian labour.
Al-Masry added that the President stressed that the coming period will proceed with full transparency and that favouritism will have no place in the government’s economic policies. The President also emphasised that all Egyptians must be aware of their rights and obligations, adding that protecting the labour rights and achieving social justice is the priority.