The Egyptian Cabinet approved, during its weekly meeting on Wednesday, headed by Prime Minister Mostafa Madbouly, the final version of the state ownership policy document, in preparation for submitting it to President Abdel Fattah El-Sisi, after this version was presented to members of the government following the implementation of the final amendments recommended by Experts and economists.
The Prime Minister stated that the primary objective of the "State Ownership Policy document" is to establish a clear and specific regulatory framework, through which the relationship between the state and the private sector in various economic activities is regulated, and at the same time works to reassure investors at home and abroad of their investments; whether in the medium or long term.
The Prime Minister affirmed: "After presenting this important document to President El-Sisi, we will start a new phase of work and effort in accordance with this regulatory framework specified in the document, and continue together as one hand, state and private sector, in facing the challenges, due to the negative repercussions as a result of the crises that have occurred that the whole world is witnessing it."
During the meeting, Osama Al-Gohary, Assistant to the Prime Minister and Head of the Information and Decision Support Center, listed the stages that the document went through from its launch until its approval today, which are limited to six stages, including the discussions of 10 parties, then discussing the document with the Economic Ministerial Committee.
This was followed by the announcement of the document during the activities of the economic conference in May 2022, and after that it was made available for community dialogue to discuss its dimensions and axes, during which many workshops and meetings were held with experts and academics, ending with its discussion at the economic conference (Egypt - 2022), which was held last October.
Al-Gohary also shed light on the positive opinions that were monitored in the media and what was stated in the reports of international institutions about the document that allows optimal management of state-owned assets, and re-create a better investment climate in Egypt, in addition to contributing to attracting more foreign investments, and giving an integrated picture of the state’s presence in economic sectors and activities during the coming years.
It is an important step in the path of economic reform in Egypt, and enhances the gross domestic product in the medium and long term, in addition to contributing to improving the Egyptian business climate and increasing the participation of the private sector in the national economy.
El-Gohary said that after the approval of this very important document, Egypt becomes the first country in the Middle East and Africa to issue an official document for the form of state investments for a period of 10 years, with an institutional framework for implementation.
During the meeting, reference was made to the formation of a higher committee headed by the Prime Minister that includes all representatives of the concerned authorities, provided that a technical secretariat emerges from it, represented by the Information and Decision Support Center to be the body entrusted with following up the state ownership policy document.