Encouraging foreign investments is Egypt’s ‘sole’ solution for economic crisis

The only solution for the Egyptian government to overcome current economic crisis is to encourage the foreign investments in local market, Chairman of Cleopatra Group Mohamed Abou Elenin said Wednesday.

Speaking to Amwal Al Ghad, Abou Elenin ,also the president of the Egyptian-European Business Council, stated that the government has to remove all obstacles that face investors.

He noted that the decisions that the government made recently to manage importing movement through imposing new customs tariffs on some products are known in most countries all over the world.

The chairman added that removing the obstacles that face foreign direct investments in Egypt as soon as possible  is the perfect solution for the lack of dollar liquidity.

Abou Elenin pointed out that energy, agriculture, manufacturing industries, and real estate are the most sectors that are expected to achieve high growth rates during 2016 backed by a bunch of large projects that Egypt executes.

The council’s president pointed out that Arab states are expected to seize lion’s share of the new investments coming to the local market despite the fact that the European Union is Egypt’s  largest commercial partner by 60 percent, i.e. US$25 billion.

He also added that the economic indicators shows that the Egyptian economy is to achieve growth rate of around 7 percent during fiscal year 2015-16.

On other side, Abou Elenin stated that Cleopatra Group intends to continue expanding inside the Egyptian market during 2016 through pumping investments of around one billion Egyptian pounds in a number of touristic, industrial, and real estate projects.

The new investments include establishing touristic project in Marsa Alam on the space of two million square meters, in addition to another touristic developmental project in Hurghada, the chairman said.

Abou Elenin clarified that the group is planning to expand outside the Egyptian market notably the African one since it is currently exist in 15 African state through its exported products.

Cleopatra Group targets boosting its  current market share in Egypt which is estimated at 60 percent.