Bureaucracy, Corruption Are Pressing Challenges Hinder Economic Stability: Al Wakeel

Mr. Ahmed Al Wakeel, Head of the Federation of Egyptian Chambers of Commerce, said both of bureaucracy and corruption are the important challenges facing the economic stability.

During a seminar, titled “Why States fail?”, organized yesterday by the Faculty of Commerce at Alexandria University in association with the Economic Research Forum (ETF), Al Wakeel referred to the necessity of increasing the awareness and cultures, in addition to organizing a number of seminars and dialogues and to consider the education and scientific research.

He also referred to the bureaucracy and the continuity 0of corruption inside the governmental institutions as the most pressing challenges facing the economic stability; stressing on the necessity of take some procedures and make use of the economic experiences to be implemented in Egypt.

On the same context, the economist James Robinson, a Professor in the US University of Harford, said the economic development of the states is based on the democratic development; mentioning a number of states, as America, England, South Korea and South Africa.

Robinson emphasized that the Arab Spring countries have to adopt the solidarity economy, which gives equivalent opportunities to individuals, and also gives the priorities to the best qualified ones.