Egypt paves way for foreign investors to revive economy: president
Xinhua, January 20, 2015 Adjust font size:
Egyptian president Abdul-Fettah El-Sisi spoke Monday about the future of the Arab world and a new energy policy his government plans to implement in Egypt, during his two-day visit to the United Arab Emirates (UAE) at the world future energy summit (WFES).
El-Sisi said that turmoil in some Arab countries revealed that governance was of utmost importance in building the future of Arab nations as he delivered a keynote address at the 8th edition of the 2015 WFES.
When El-Sisi kicked off his first official visit to the UAE Sunday, he told Sheikh Mohammed Bin Rashid and Sheikh Mohammed Bin Zayed that his government will pave the road for "foreign investors" in order to revive the Egyptian economy.
"Egypt is currently discarding obstacles which have affected foreign investment," he told UAE state news agency WAM, specifying bureaucracy and corruption in procuring investment licenses.
"I was asked by the UAE local media what advice I had for Arab leaders. After Egypt lived through two revolutions in 2011 and in 2013, my advice was: take good care of your countries and your people," said El-Sisi addressing thousands of delegates.
Sisi said regarding renewable energy and energy conservation, his government aims to reform the subsidies policy in order to reduce the price of fuel within five years to render Egypt "more competitive."
El-Sisi added he aims to double the number of solar power arrays in Egypt, a country with a population of over 83 million. Endit