Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Aboul Enein: Coronavirus Crisis Created Many Opportunities


Sat 16 May 2020 | 10:59 PM
NaDa Mustafa

Well-known Egyptian businessman and MP Mohammed Aboul Enein said that the crisis of the Coronavirus has created many opportunities, and we must turn this ordeal into a grant and make good use of its advantages.

In an exclusive interview with "The Economist" Egyptian newspaper, he inquired what the state has prepared for the world after Coronavirus? And how the state policy plans not only to reduce harm and preserve the status quo but to benefit from the opportunities created by the crisis

Aboul Enein noted that the Coronavirus will lead to a radical change in the global system and the form of globalization, adding that the focus will increase on national priorities, settling development and industries within each country, seeking self-sufficiency and deepening industrialization in each country.

 

Moreover, the lawmaker affirmed that competition among countries will increase to attract investors, explaining that the Corona crisis has raised awareness of the danger of the global economy relying on a single source in basic goods and services and intermediate goods and that these sources must be persified, which grants Egypt a great opportunity to attract a part of the global supply chains to settle in it.

"This will maximize the benefit from Egypt’s great advantages such as the persified economy, educated youth, privileged location, advanced infrastructure, and a large domestic and external market," the businessman continued.

In addition, Aboul Enein called for reviewing Egypt’s competitiveness in the investment market, taking quick decisions to reduce production and investment costs, adopting a set of new marketing and media policies as well as offering ready investment opportunities on global investment with feasibility studies, prior approvals, and unconventional incentives, and activating the incentives mentioned in the investment law; these will lead to a boom in investment, especially in new industries with high added value and fourth industrial revolution technologies.

He also underlined the importance of localizing the industry and deepening industrial production, and to lay out a plan to replace imports in the intermediate products that will open huge opportunities for existing small industries and to establish thousands of new small industries working side by side as feeder and complementary industries with large industries, providing millions of productive job opportunities. This, in turn, will increase the competitiveness of the Egyptian industry.

 

Investment in Science and Technology

The businessman said that the fourth industrial revolution is the future. "We must put in place policies and incentives that lead to the settlement of these industries in Egypt."

Moreover, he added that we have to encourage science and scientists in order to place Egypt in a distinguished place on the world map of innovation.

It is worth mentioning that, Aboul Enein is a high-profile industrialist with a great economic mindset, the founder of the “Cleopatra” group, which is considered one of the 4 most important industrial and economic edifices in the whole world. His products are exported to more than 110 countries around the world.

He also won dozens of international awards from Japan, America, and Italy.

Aboul Enein is a prominent politician and a patriotic man.. When it comes to Egypt, you find him in the first rows as a fighter, warrior and defender, sacrificing his life for the sake of his homeland.

Lately, he donated EGP 78 million to back the state’s efforts in confronting emerging coronavirus crisis.