by Ahmed El-Mahdi
A number of investors stressed that starting candidacy for the parliamentary elections is an important step in the implementation of the road map, which would contribute to stimulating anticipated foreign capital who are looking for laws to operate under their umbrella and ensure their stability. They called for reform of the investment system so that the next Parliament would bear fruit for the industrial sector and the investment atmosphere would be attractive to various capitals.
Mohammed Geneidi, the head of the industrial investors syndicate, confirmed that the start of running for the election is an important step investment needed. However, without modifying the entire investment system, electing the next parliament will not be of benefit to the industrial sector.
He explained that the amendment will reassure the owners of funds first about themselves then their money through the issuing of the bankruptcy law and the safe exit from the local market. The banking system does not finance and has not played its national role in the development of the national economy for nearly 15 years, he said, calling for banks to provide statistical data on the percentages of deposited in the Treasury bonds until we reach the percentages allocated for providing job opportunities and funding projects.
Geneidi pointed out that it is important to draw up and announce a comprehensive plan and to facilitate the issuing of crippling licenses which hamper any attempt to start a project and to provide industrial land, a thing that still concerns all industrialists. He also pointed out to the need to settle the problem of labour which causes crises in the factories.
Osama Hafila, the Undersecretary of the Egyptian Federation of Investors, said it is necessary to complete the road map as there is no advancement without a real strong parliament, especially as it is one of the components of the identity of the state.
He pointed out that the move reflects positively on foreign investments, to which it represents a source of security, adding that there should be a body that issues laws unlike local investments which continue to pump funds and contribute to developing the economy.
He explained that the strength of the next parliament will be password in shaping the economic map through laws that will be issued, pointing out that foreign investments look for clear laws that are reassuring as regards pumping funds and stability of laws.
Majdi Tolba, the former head of the Export Council for Garments, said that the beginning of procedures of running for the elections is an important step in achieving economic renaissance during the next phase, especially that it has been a pretext of a number of foreign countries that Egypt does not have a Parliament in the meantime.
Election of the Parliament will be a reassuring step to foreign owners of capital, which will result in a willingness to pump in investments in the next phase. However, it is difficult to predict the full picture of the situation because it depends on the shape of the next parliament, which should be a strong one.
The Parliament will be in charge of issuing laws which are awaited by investment and industry as they will overcome obstacles faced by foreign and domestic manufacturer. Real growth which is awaited by the state’s economy comes from domestic investment not foreign as some claim, he said.
The style of management is in dire need of development in order to eliminate bureaucracy which impedes the movement of funds.
