Ayman Elgohary, Cisco general manager for Egypt and Libya, said that the Egyptian economy looks promising in 2017, adding that structural reforms taken by the state and the government in the recent period will maximise the growth potential on the long-term.
He noted that measures, such as the flotation of the Egyptian pound and passing the new investment draft law, will stabilise the economy and drive growth rates upwards.
The Supreme Council for Investment, chaired by President Abdel Fattah Al-Sisi, had issued 17 decisions to attract foreign direct investments. The decisions of the council grant investors incentives and tax cuts, according to their field of industry, as well as allocate free lands in several parts of the country, in addition to establishing a National Council for Payments and forming a permanent committee at the Ministry of Investment to review complaints of investors.
According to Elgohary, the investment climate in Egypt has improved significantly from past years, especially with government transparency and the announcement of future plans.
He said that promoting Egyptian bonds abroad is also a good step and a promising investment opportunity. “The investment climate has improved a lot following the flotation,” he stressed. “The Egyptian market has become more competitive in terms of investment opportunities, especially with the decline in growth in many surrounding countries.”
He noted that the company has injected $10m in the Egyptian market by investing in Algebra Ventures Fund, which reflects Cisco’s confidence in Egypt.
He told Daily News Egypt that the company’s business in Egypt grew strongly in 2015 and 2016, adding that he expects growth rates of 10% for the company in 2017.