President of the Businessmen Association: Many gains for investors from the first industry conference

Engineer Ali Issa, head of the Egyptian Businessmen Association, said that the first industry forum on the occasion of 100 years honored by President Abdel-Fattah El-Sisi is an important event, in which we, as national businessmen and makers, achieved many moral and procedural gains, as it indicates that the Egyptian industry is a strong and influential side in economic and social life.

The head of the Egyptian Businessmen Association praised what President Abdel-Fattah El-Sisi said and what Engineer Mohamed El-Sewedy, head of the Federation of Egyptian Industries, emphasized in the industrial conference, enabling and settling the national industry and preferring the local product to replace import, in addition to talking about the importance of the industry in providing job opportunities and its contribution to the national income as well. Addressing the challenges that the industry has faced during the recent period, and the existing opportunities with all transparency and clarity, as it was the distinguishing feature in the President’s meetings with businessmen and in the economic conference and also in the industry conference.

Issa said: “We, as businessmen and industry, thank President Abdel Fattah El-Sisi for these serious steps to advance the industrial sector and expand the participation of the private sector, in addition to the decisions announced during the economic conference and last week related to the Central Bank, as well as the package of social decisions to confront inflation and high prices.”

The head of the Egyptian Businessmen Association described the recent courageous decisions of the Central Bank and the unexpected to create a flexible exchange rate and raise interest rates to ensure macroeconomic stability and achieve sustainable and comprehensive economic growth and by gradually abolishing the use of documentary credits in import financing operations until the complete abolition of it in December 2022, where This is an incentive to support economic activity in the medium term.

He said that businessmen understand the seriousness of the global economic crisis and that applying these solutions and measures to get out of them takes time to meet the requirements of the economy and industry and to treat the distortions in the recent period that cause problems in disrupting production, especially those related to the entry of raw materials and production requirements.

The head of the Businessmen Association added: “We believe that we are on the right path and in one boat, and that the private sector will play its role in social protection and the approval of the government’s allowance of 300 pounds to meet the high cost of living.

Issa stressed that there is consensus among businessmen to take into account the workers in factories and companies in each sector and to reconsider the minimum level of assistance to manpower, because they are a key partner in production and the success of the production and export process.

He pointed to President Abdel Fattah El-Sisi’s response to the request of the President of the Federation of Industries and the Egyptian Businessmen Association to facilitate direct investment procedures by issuing the golden license for all projects within 3 months and preparing a list of projects ready to start and providing financing.

The President of the Businessmen Association praised the Ibada initiative for its importance for the export industries and the substitution of the Egyptian product for the import, in addition to the participation of all industrial sects in the initiative, including youth, entrepreneurs, businessmen and old manufacturers. It also includes giant national projects in the manufacturing and feeding industries for major industries.

Ali Issa praised the recent president’s directive to the presence of the banking sector next to industry, and that the state welcomes the participation of businessmen and is ready to enter into a partnership in giant projects to ensure the sustainability of production chains locally, pointing out that these steps will have a positive impact and all of them are gains for the private sector, especially since President Sisi I gave directions to work on their implementation.

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