President Abdel Fattah El-Sisi’s declaration of a three-month state of emergency, is welcomed by several investors. It is not a “heresy” as different countries worldwide implement it when needed. It proves the seriousness of the country in dealing with any explosions or illegal acts.
Amr Al Garhi, Minister of Finance, stated that these terrorist attacks will not affect the main pillars of the Egyptian economy. “We will continue the development process and overcome any outcomes arising from these events,” the Minister confirmed.
Al Garhi expected that, the foreign direct investments in Egypt amount to around $13 and $155 billion in fiscal year 2017-2018 starting in July. Egypt aims to attract foreign direct investment worth $10 billion in the current fiscal year, 2016-2017.
Yahia Rashid, Minister of Tourism, also condemned the brutal attack at the twin churches Saint George’s in Tanta, and Saint Mark’s in Alexandria, leading to several casualties and injuries. “Egypt is still determined to fight extremism and terrorism. Such criminal acts will strengthen the Egyptian citizens’ determination to eradicate terrorism,” the Minister stressed
Hossam Heiba, a member of the Board of Directors of the Egyptian Association for Direct Investment, described the declaration of state of emergency as “positive”, adding that its impact will be effective because it operates according to the constitution. “State of emergency does not mean detentions or random arrests, but aims to implement court rulings as fast as possible and protect various facilities,” Heiba clarified.
State of emergency, Heiba pointed out, confirms that the country is serious in dealing with terrorism. “What happened in Egypt occurs in several countries worldwide, in Sweden, Russia France and America. The investor therefore, will consider the seriousness of the government in dealing with such events,” he said.
Ayman Reda, the 10th of Ramadan city Investors Association Secretary General also commented on the declaration of state of emergency saying that, it will not negatively affect investments because the investor studies the investment atmosphere in any country before establishing his business.
