Dr. Mostafa Madbouly, the Prime Minister of Egypt, emphasized during the high-level conference marking the conclusion of the first phase of the country program between Egypt and the Organisation for Economic Co-operation and Development (OECD) that Egypt is committed to building a more competitive and attractive business environment for investment. He noted that these efforts come amid accelerating international and regional challenges, requiring countries to adopt more flexible and adaptive policies.
Madbouly explained that the comprehensive economic reform program implemented by the Egyptian state, supported by strategic partnerships with its international partners, aims to enhance economic stability, increase resilience, and achieve sustainable growth. He considered the country program as one of the most important tools of these partnerships.
Event Details
Madbouly reported that the outcomes of the country program over the past years have proven its effectiveness in supporting the policy-making process in Egypt by enhancing institutional capacities and improving the investment and business environment. He pointed out that the program was implemented in collaboration with around 20 national entities, reflecting a participatory approach that enhances policy integration and coordination among state institutions.
He also mentioned that the program focused on five main axes, encompassing approximately 35 projects in vital areas such as inclusive growth, innovation, digital transformation, governance, and sustainable development, contributing to supporting Egypt's development priorities.
Background & Context
These efforts are part of the Egyptian government's pursuit to strengthen its partnership with the OECD, as the program has contributed to expanding Egypt's participation in the organization's committees, enhancing the exchange of experiences and supporting its integration into the international policy framework. The program has led to tangible results in priority areas such as small and medium enterprises, innovation, and productivity.
Madbouly affirmed that the Egyptian state continues its efforts to create a more competitive and attractive business environment for both local and foreign private investments, which boosts investor confidence and supports the flow of investments.
Impact & Consequences
Madbouly clarified that the country program has contributed to notable progress in developing sectoral strategies, including financial inclusion and education, entrepreneurship, and digital transformation. The program has also helped link these areas with comprehensive structural reforms, enhancing the integration between economic and social policies.
He indicated that the Egyptian government will continue its cooperation with the OECD to support its efforts in enhancing the monitoring and implementation of priority public governance reforms, reflecting its commitment to achieving sustainable development.
Regional Significance
Egypt's efforts to enhance the business environment serve as a model in the Arab region, where many countries are striving to improve the investment climate to attract capital. Additionally, Egypt's co-chairmanship of the OECD initiative for the Middle East and North Africa on governance and competitiveness reflects its active role in promoting regional cooperation.
In conclusion, the Egyptian government's efforts to improve the business environment and enhance investments are central to achieving sustainable development, with the Egyptian citizen remaining the focus and goal of these efforts.