Dr. Saleh Bakr Al-Tayar, the head of the Arab-European Studies Center in Paris and the former Secretary-General of the French-Arab Chamber of Commerce, welcomed the decision of President Abdel Fattah El-Sisi to reshuffle the Supreme Investment Council, stressing that it is a very important step that came at the right time, as it will contribute to eliminating the obstacles facing investment operations, and at the top of which is bureaucracy in the different concerned authorities and ministries. In addition, it will play a major role in coordinating policies between these different entities and preventing their work from conflicting, which is in the interest of the investment and economic climate in general.
The director of the Arab-European Studies Center and the former Secretary-General of the French-Arab Chamber of Commerce added, in press statements, that this decision confirms President Sisi’s keenness to attract foreign investment and make Egypt a global investment destination.
Al-Tayar pointed out that the formation of the Supreme Investment Council will ensure the speedy implementation of the required economic reform plans in light of the political and economic turmoil that the whole world is witnessing, which has had a significant impact on the comprehensive economic development plan in Egypt, just like the rest of the countries of the world. The existence of this authority represented in the Supreme Investment Council under the direct leadership of President Abdel Fattah El-Sisi, and includes all concerned entities, and therefore the Council’s decisions will be quick, well-considered, and enforceable, and obligate all entities to implement them, which contributes to attracting more foreign investments. It is also a proof that the Egyptian state is serious about solving the problems of investors and removing the obstacles they face with strength and firmness. It also aims to expand the size of participation between the public and private sectors, and a clear and direct message to foreign investors that the state is determined to change the investment climate and provide opportunities for everyone.
Al-Tayar also appreciated the confirmation of the Saudi Ambassador to Cairo, Osama bin Ahmed Naqli, of the Egyptian government’s keenness to support Saudi investments and address any challenges and obstacles they face and work to solve them immediately. He pointed out that the Kingdom of Saudi Arabia is investing in various sectors in Egypt, and there is continuous communication with the Egyptian government, whether at the government or private sector level.
Al-Tayar confirmed that the Saudi ambassador to Egypt is keen to follow up on Saudi investment in Egypt and stand by it and solve any problem facing Saudi investors on Egyptian soil.
He said that the Egyptian-Saudi Business Council will play a prominent role in coordinating with the Supreme Investment Council, as Saudi Arabia is the largest Arab investor in Egypt, and the largest economic partner of Egypt and the largest investor in it with 53 billion distributed over 5300 projects.