Cairo: Egypt’s prime minister says his government will host a three-day international economic conference in the Red Sea resort of Sharm Al Shaikh starting March 13 to support the country’s economy.
Ebrahim Mahlab said Saturday that Saudi Arabia and the United Arab Emirates are partners in organizing the gathering. The two Gulf countries are strong backers of Egypt, doling out billions of dollars to support President Abdul Fattah Al Sissi’s government.
Mahlab said the conference aims to attract international institutions and countries to invest in a “new Egypt.” He said his government aims to amend investment-related laws before the conference. He said the aim is to raise Egypt’s annual economic growth to 3.8 percent. It has hovered around 2 percent since the country’s 2011 revolt.
Mahlab’s government already partially lifted state fuel subsidies. Last month, Egyptian ministers presented detailed initiatives to revive an economy battered by three years of upheaval and decades of neglect. They have already implemented subsidy cuts and tax reforms that previous governments shied away from for fear of fuelling discontent.
The stakes are high in Egypt, where militants have stepped up attacks on police and soldiers in the Sinai Peninsula since Al Sissi ousted elected president Mohammad Mursi of the Muslim Brotherhood more than a year ago.
