Oxford Group: Egypt's economic reform brings hope and ambition to manufacturing sector

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Sunday - 27 August 2017 - 10:55 AM

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According to a report issued by the Oxford International Economic Group, many international companies have announced their plans to expand their activities in Egypt and use them as a regional manufacturing platform on the background of the economic reform program and developments in Egypt over the past months.

 

The report revealed that the results of any survey conducted in Egypt recently on the executive directors and heads of the boards of directors, pointing out that four-fifths of the managers (80%) interviewed had very positive attitudes towards the Egyptian economy and the opportunities for growth and the expansion in the light of the Economic reform program and new investment laws, pointing out that, despite the difficulty of the floating decision, it led to impressive results, especially with regard to reducing the budget deficit and improving the indicators of the Egyptian economy, which would not occur without this courageous decision.

 

The report praised the new investment law, the efforts of President Abdel Fattah al-Sisi and Prime Minister Sharif Ismail for issuing this law, which includes many facilities for investors, including the "golden license" whereby the prime minister gives one approval to the investor, allowing him to carry out all his activities in Egypt Without the need for additional approvals.

 

As a result of the economic reform program and the new investment law, the share of industry in GDP is expected to rise to 25% by 2020 (currently about 16%), and it is expected to create approximately 3 million additional jobs over the next three years.

 

The international group concluded its report by expressing its optimism about the future of the Egyptian economy and its ability to start, expand and reach high growth rates over the next few years.