By Profiley
The first session of Egypt Economic Summit’s third edition focused on the main aspects of Egypt’s economy, namely investment, finance, and digital transformation.
The panel featured several high profile keynote speakers; including Ahmed Kojak, Deputy Finance Minister for Financial Policies, who stated that the government has established a national strategy to increase medium-term revenues, which has been reviewed by international organizations, thereby contributing to increasing state revenues through non-sovereign tax returns by 0.5 percent of GDP and reducing the overall deficit to less than 6 percent. He added that it also provides additional funding for social security programs, such as “Takafol we Karama,” as well as human development activities and critical domains like health, education, and infrastructure improvements.
For his part, Dr. Mahmoud Momtaz, Chairman of the Egyptian Competition Authority, said that the agency has developed a medium-term plan based on major axes, which has been connected to Egypt’s Vision 2030 and sustainable development goals. He also said that the first axis is effective law enforcement to avoid monopolistic behaviors, which may have a detrimental impact on the national product by 2-3%. The second axis is to minimize legislation and policies that limit competition and maintain competitive neutrality, whether in the private sector or state-owned firms, or even in government operations. He also remarked on a collaboration with the Public Authority for Government Services to implement tender processes that promote competitive neutrality.
According to Eng. Ayman Hossam El-Din, Chairman of the Consumer Protection Agency, the agency’s duty is to safeguard the consumer, who is regarded as the primary funder of the economy, whether for industry, commerce, or services. He also remarked that the objective of protecting consumer rights is to maintain and sustain the economy, and that the agency’s job is regulatory and monitoring, and it intervenes in defending the customer’s right to get an item and a service in an equal way.
Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank in Egypt, stated that following the Corona outbreak, digital transformation is no longer a luxury, but a necessary element of existence. As a result, banks are always striving to enhance their technical infrastructure in order to establish a solid database that contributes to attracting the informal economy and providing services that fulfil customers’ goals by understanding consumer demands and their uses.
As per Amr Aboul-Enein, CEO and Managing Director of the Asset Management Sector at CI Capital Holding for Financial Investments, the Egyptian government has been successful in resolving many internal imbalances, like stabilizing the pillars of the state and its system, international relations, and everyone sees Egypt as a stable state in the Middle East.
This year, the summit is sponsored by Telecom Egypt WE, Tatweer Misr, Amer Group, Hyde Park Developments, Danone Egypt, Eastern Company S.A.E, Misr Italia Properties, and Marriott Residence Heliopolis.