Egypt’s World Economic Forum Ranking To Affect Investment Turnout: Experts

Heated debates have been sparked off among experts in the field of communications on the impact of the report issued by the World Economic forum, which stated that Egypt has been ranked as the 107th in the global economic competitiveness classification, on investment in Egypt in the next period. Egypt has retreated by 13 rankings, compared to last year, in which the country recorded the ranking number 94.

Hamdy El Leithey, CEO of Linatel and economic expert, pointed out that this decline in the ranking will not affect the volume of foreign investments in Egypt in the coming period, highlighting that the instability that the country has witnessed during throughout the previous period is the reason behind this severe decline.

He added that stability is considered the norm that will determine the volume of investments to be launched in Egypt in the next period, highlighting the need to clarify the Ministry’s strategy regarding the sector of communications and information technology. He also noted that opening massive projects will significantly increase investment rates.

Moreover, he stressed on the need to form the people’s Assembly as fast as possible, in order to ratify the legislations concerned with the sector of communications and information technology, especially the Telecommunications Law no.10 of 2003, which would promote investment. During the next five years, the Ministry will work on raising the national product rate from 4.5% to 10%, with an annual growth rate of no less than 18%, he said, emphasizing that this would, in turn, increase Egypt’s  points in the technological sector all over the world.

On his part, Ayman Abu Hind, CEO of Cartelcapital for investment, affirmed that the economic status in Egypt negatively affect the turnout of investments regarding pumping money in Egyptian markets.