Roundtable discussion

Leading economic reform advocates from the ruling National Democratic Party (NDP) and the opposition Wafd Party met with members of the American Chamber of Commerce in Egypt (AmCham Egypt) on Monday, December 2 at the Cairo Marriott Hotel to discuss ways to move the Egyptian economy forward. Addressing about 100 AmCham Egypt members and other invited guests, the three speakers – NDP parliament member Dr. Hossam Badrawi of the parliamentary committee for education, science and technology, Wafd parliamentary leader Mr. Mounir Fekry Abdel Nour and NDP general secretariat member Dr. Mahmoud Mohieldin – presented their views on such issues as monetary policy, job creation, tax reform and foreign investment.

Dr. Badrawi focused mainly on the "human development factor" of Egypt's economy and the need for action by both the government and the private sector to upgrade the skills of the workforce and create jobs. A medical doctor and a driving force behind the Intellectual Property Rights (IPR) Law passed earlier this year, he also spoke about pharmaceutical prices and the importance of access to affordable medicine.

He left the "nuts and bolts" of economic reform to the other two speakers.

Mr. Abdel Nour took a "short-term perspective" on the economy, concentrating on how to get out of the current slump. He stressed the need for immediate action and urged the government not to send unrealistically optimistic messages. The Wafdist parliamentary leader also criticized the current "crusade" against borrowers unable to repay their bank loans and expressed concern about the tendency for economic reform laws, once passed, to remain unimplemented. Dr. Mohieldin, an economist with a background in the former Ministry of Economy and the Central Bank of Egypt, spoke about the importance of private investment to drive economic growth. Touching on the country's foreign-exchange difficulties, he noted that the NDP's newly published economic policy paper calls for currency trading based on supply and demand. He pointed to upcoming legislation on monetary policy and taxation.

Following the three speeches, questions from the audience raised concerns about subsidies on basic commodities and services as well as the prevalence of civil service jobs as a source of employment.

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