Al-Jaber says reform is working for Egypt’s economy

The UAE welcomes Egypt's re-emergence as a strong regional economy that takes full advantage of its educated work force, its young and growing consumer base, and its strategic location at the nexus of Europe, Asia and Africa, Dr. Sultan bin Ahmed Al Jaber, UAE Minister of State, has said.
'Our decisive action to help stabilise Egypt's economy and continued investment in building the country's human capital demonstrates a deeply held belief that a strong Egypt is central to the prosperity of the entire Middle East. Now is the time for Egypt's international partners to similarly demonstrate their genuine commitment to support Egypt with both words and deeds,' Al Jaber stressed in an opinion article published in the 'Wall Street Journal' on the occasion of Egypt Economic Development Conference in Sharm El Sheikh.
Beginning Friday, the UAE will be participating in the Egypt Economic Development Conference in Sharm El Sheikh. The conference is an opportunity for the government of Egypt to speak directly to major global investors about the steps being taken to implement structural reforms, amend out-dated laws and regulations, and create an environment for deeper engagement.
'The United Arab Emirates, like all Arab countries, shares the inheritance of Egypt's centuries of contributions to the region and the world. We have been friends and partners with Egypt since before the inception of our young country, and we were eager to mobilise significant human and financial resources to assist our neighbour during its time of need. Egypt's stability is our stability,' he added.
The full text follows: 'The United Arab Emirates, like all Arab countries, shares the inheritance of Egypt's centuries of contributions to the region and the world. We have been friends and partners with Egypt since before the inception of our young country, and we were eager to mobilise significant human and financial resources to assist our neighbour during its time of need. Egypt's stability is our stability.
Beginning Friday, the UAE will be participating in the Egypt Economic Development Conference in Sharm El Sheikh. The conference is an opportunity for the government of Egypt to speak directly to major global investors about the steps being taken to implement structural reforms, amend out-dated laws and regulations, and create an environment for deeper engagement. Significant investors and multinationals from the Gulf Cooperation Council, the U.S. and Europe have already stepped forward with long-term commitments in a number of important sectors across Egypt's economy. This conference is intended to bolster that trend.
Egypt's President Abdel Fattah Al Sisi and those leading his country's governmental institutions understand that there are no quick fixes for Egypt. Sacrifices are required, and the government is making tough but necessary structural reforms to realise the country's potential.
By phasing out energy subsidies, overhauling the tax system and reining in the budget deficit, Egypt's leadership has started the country on a challenging and long-overdue course correction. Such decisions come with considerable political risk, but the risk of inaction is even greater.
A new Egypt is emerging, one built upon a comprehensive 21st-century economic vision.
Over the past two years, working as close partners, the UAE and Egypt have deployed significant capital. A joint Egyptian-Emirati task force completed many projects identified as priorities. The UAE is also investing heavily in educating the next generation of Egyptian job creators. More than 100,000 young people have received vocational training through a program that intends to address 50% of the country's job-market needs in targeted sectors such as construction and the chemical industry.
Most importantly, these joint efforts have created nearly one million jobs.
International recognition of an improving investment environment is paving the way for the private sector to re-engage with the Egyptian economy. In its recently completed review, the International Monetary Fund concluded that Egypt is on a path to achieve inclusive growth, create jobs, contain fiscal and external deficits and stem the loss of foreign-exchange reserves. This is the message of confidence Egypt and its partners have been waiting for.
Egypt's reforms are yielding results. More than $4.1 billion in foreign direct investment flowed into Egypt in 2014, a 7% increase in just one year. Credit rating agencies Fitch and Moody's recently upgraded their outlooks on Egypt. Morgan Stanley Capital International ranked the Egyptian stock market as 2014's best-performing, registering returns of 31%. And the IMF forecasts economic growth at 4.3% in fiscal year 2015-16. Unsurprisingly, BP, Coca-Cola, Chrysler, Ford and other multinational powerhouses are all bullish on Egypt.
The UAE welcomes Egypt's re-emergence as a strong regional economy that takes full advantage of its educated work force, its young and growing consumer base, and its strategic location at the nexus of Europe, Asia and Africa. Our decisive action to help stabilise Egypt's economy and continued investment in building the country's human capital demonstrates a deeply held belief that a strong Egypt is central to the prosperity of the entire Middle East. Now is the time for Egypt's international partners to similarly demonstrate their genuine commitment to support Egypt with both words and deeds.'
Source: WAM