President Abdel Fattah Al-Sisi said the government works to achieve the demands of Egypt’s “two revolutions”, in a speech in the 2015 World Economic Forum in Davos, Switzerland on Thursday.
These demands are achieving social and economic growth in a way that guarantees a prosperous life for Egyptians, Al-Sisi said, according to a presidential statement. The president held his speech in a special session in Davos on Egypt.
In order to achieve these demands, the government has to support the role of the private sector and attract investments, in addition to setting the “appropriate climate” for achieving inclusive growth, Al-Sisi added.
Listing the efforts of the government towards the aforementioned targets, Al-Sisi stated that his government has adopted a fiscal policy that reduced the burden on the budget deficit, which are cutting subsidies granted to the energy sector and directing it to the neediest portions of the society.
The second thing Al-Sisi’s government has worked on is addressing the obstacles facing foreign investors through reforming and issuing new laws that have to settle disputes, the statement added.
Al-Sisi also mentioned that he targets registering 7% GDP growth by 2020, besides reducing the unemployment rate to 10%.
The president noted that his government would also address the negative economic and social effects that may result from applying the economic reform policies through providing more job opportunities to young people and increase the budget allocations for education, health and scientific research sectors to 10% of GDP.
He also said that they are working on developing the country’s infrastructure through increasing investments in the transportation sector, part of it through the state budget and the other part through loans.
Al-Sisi also mentioned that the government is working on reforming the laws that organise the public and private sectors, anti-corruptions laws and the pensions system.
The former defence minister invited the attendees to take part in the Economic Summit, scheduled to occur in March in Sharm El-Sheikh, to support Egypt’s economic development.