Middle-east Arab News Opinion | Asharq Al-awsat

SMEs, Dual Purpose for Development in Egypt | ASHARQ AL-AWSAT English Archive 2005 -2017
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Cairo- While the Egyptian government shows willingness to take more economic procedures that support local and foreign investment, it also directs some of its efforts to provide great support to small and medium enterprises (SMEs), launching from its faith in the remarkable role of these enterprises in the future growth plans.

SMEs have dual importance to the Egyptian administration. From one side, they contribute in boosting the economic development of the state. From the other side, they have a strategic role to play in resolving chronic problems such as unemployment and low-incomes.

Investment Minister Dalia Khorshid stated on Saturday that the ministry of investment in cooperation with the ministry of industry and foreign trade succeeded in garnering the cabinet’s approval over the one person company (OPC) law. The law has been referred to revision before being proposed to the parliament.

According to sources from the ministry of investment, the new law aims to promote SMEs through permitting the owner to establish a company, individually. This step increases transparency in Egyptian markets; it also puts an end to money laundering and tax evasion.

Khorshid told Asharq Al-Awsat that “promoting investment is not restricted to mega projects only but the SMEs as well since they pump job opportunities for the Egyptian youths”.

“This mechanism will positively affect reducing unemployment averages and addressing millions of Egyptians who dream of having their own business. This mechanism is a step towards a better future for the Egyptian people”, said Executive Chairman of the Egyptian Financial Supervisory Authority (EFSA) Sherif Sami during a press conference held on Saturday.