President Abdel Fattah El-Sisi participated, on Wednesday, in a high-level dialogue session with a select group of international business leaders on the sidelines of the World Economic Forum (WEF) in Davos.
Mohamed El-Shennawy, official Presidential spokesperson stated that the session was moderated by André Hoffmann, Interim Co-Chairman of the WEF Board of Trustees, and Maroun Kairouz, WEF Managing Director.
The session saw the participation of approximately 70 CEOs and heads of major global and regional financial and investment institutions across various sectors, including energy, digital transformation, transport, infrastructure, and financial services.
Mr. Hoffmann opened the session by welcoming the President, emphasizing that this meeting reflects the high regard for Egypt’s status and provides a platform to present the President's vision on Egypt’s economic evolution and the private sector's role in supporting comprehensive development.
The spokesperson noted that President Sisi highlighted the state's commitment to the private sector as a cornerstone of development.
Moreover, he reviewed the Egyptian vision for comprehensive growth, which centers on expanding investment opportunities, fostering a pro-entrepreneurship environment, and continuing structural reforms to ensure macroeconomic stability.
Furthermore, the President detailed measures taken to empower the private sector, including placing a cap on public investments and implementing the State Ownership Policy Document and the IPO Program, which have significantly increased private sector contribution to total investments.
He also touched upon incentives in priority sectors such as electric vehicles, information technology, pharmaceuticals, and green hydrogen—bolstered by the Green Hydrogen Incentives Law and the "Golden License" program, alongside a unified digital platform to streamline procedures.
Sisi further showcased infrastructure milestones, including the modernization of road and rail networks, port upgrades, and the development of the Suez Canal Economic Zone (SCZONE).
He emphasized the Suez Canal's pivotal role in global trade, noting the gradual return of shipping companies following the Sharm El-Sheikh Peace Summit.
Additionally, Sisi underscored the state's focus on digital transformation and localizing industry through the "Egypt Industry Strategy 2030."
He pointed to the positive outcomes of Egypt’s economic program conducted in cooperation with international financial institutions, led by the IMF, which has resulted in improved macroeconomic indicators, upgraded credit ratings, increased growth rates, and a lower debt-to-GDP ratio.
The President concluded by inviting investors to seize the opportunities within the Egyptian market, reaffirming the government's readiness to provide all necessary facilities to support their activities.
The spokesperson added that the session included an interactive dialogue covering the remarkable growth in Egypt's tourism sector and the surge in tourist arrivals over the past year.
Discussions also addressed the private sector's role as an essential partner in national projects and the state's efforts to modernize the healthcare sector to achieve universal health coverage.
In this context, Sisi emphasized that the Egyptian economy has successfully absorbed and overcome major global challenges, including the COVID-19 pandemic and the conflicts in Ukraine and Gaza.
He also stressed that Egypt's current stability is primarily rooted in the awareness and resilience of the Egyptian people.
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