Egypt Economic Summit kicks off with a largest Global Presence

Egypt Economic Development Conference (EEDC) has kicked off today in Sharm El-Sheikh.

It is an attempt to put Egypt back on the world map for investors and trumpet the reforms that have coincided with improving economic data.

The three-day conference opens under heavy security in Egypt’s Red Sea resort of Sharm el-Sheikh. Some 2.000 international investors, executives, government officials, financiers and experts are among participants, including 30 heads of state, and the U.S. Secretary of State John Kerry.

This weekend’s economic event comes just days after the announcement of a cut to Egypt’s top tax rate in addition to Egypt President Abdel Fattah al-Sisi’s endorsement of the long-awaited unified investment law.

At the conference, Egypt will be presenting today $35 billion worth of projects, as well as showcasing opportunities for foreign investors. The Egyptian government is hoping to highlight recent economic reforms aimed at restoring confidence in the country’s economy.

Egypt, a country of 90 million, has seen a tumultuous four years. In 2011, the country was plunged into mayhem during the Arab Spring uprising in the region which saw former Egyptian President Hosni Mubarak ousted from power. Mubarak was replaced by Mohamed Morsi, a leading member of the now-banned Muslim Brotherhood organization.

The event is being billed as a key milestone for the government’s medium term economic development plan and will feature names such as Christine Lagarde, the managing director of the International Monetary Fund (IMF) and Sri Mulyani Indrawati, World Bank Group Chief Operating Officer and Managing Director.

Egypt’s flagship mega-project to be featured at the conference, the establishment of an international industrial and logistics hub around the Suez Canal, requires US$220 billion in private investments over 15 years, according to the latest figures stated by the country’s investment minister Ashraf Salman.