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Time to reconsider Recent events have brought issues of government-business partnerships to critical mass. In September, the government acted with a positive degree of transparency in publicizing the temporary departure of one of Egypt’s higher-profile private sector players. Akhbar Al Youm reported that Ismail Hassan of the Central Bank would meet with Lakah Group creditors and attorneys to structure debt rescheduling. At the same time, the government announced that no legal action would be taken against clients who are behind in debt repayment until their situations had been reviewed by the Central Bank. This willingness to reconsider will salvage a number of businesses from bankruptcy. Clearly, regulatory codes governing the assignment and repayment of loans are up for a crucial review. The storm of controversy surrounding the affair will hopefully serve to expedite these long-needed reforms. Meanwhile, the incident has reopened the Pandora’s box of public perceptions regarding the business community, casting an indiscriminate shadow on much good work. It is AmCham’s duty, as Egypt’s most prominent business organization, to accurately portray the challenges facing the business community as well as its achievements. At the same time, we must proactively address the prevailing difficulties by opening dialogue and bringing solutions – not just grievances – to the table. Acting on behalf of the domestic and international business community operating in Egypt, AmCham addresses issues requiring high-level decisions and legislative change. AmCham’s priorities are dictated by its members’ needs, and roundtable discussions, luncheons and committees serve as forums for debate with high-ranking officials. In recent months, we compiled comprehensive recommendations for government action to resolve critical issues. These recommendations reflect the sector-related concerns of AmCham members, including export promotion, issues affecting the maritime and aviation industries, electricity and power generation, and the particular concerns of pharmaceutical and automotive and component industries. AmCham supports the development of investment and economic legislation – specifically, amendments to the leasing-loan law, passing of the draft mortgage law and new capital markets laws, and amendments to corporate income tax laws for industrial and trading companies. We also stand for the prompt settling of government debt, the resolution of all tax disputes, and the review of sales tax applied to imported raw materials and capital goods. In addition, AmCham has important input to offer regarding the privatization process and the functioning of our banking system. There is already a strong multinational presence at work here, and AmCham strives to call attention to changes that will enable companies to forge ahead with their investments and that will help to attract further foreign direct investment. We at AmCham know that we can make a positive difference in helping shape our business environment. Indeed, private participation in national development has never been so broad-based and integral to Egypt’s economic future. The necessary partnerships between the state and private enterprise are in constant need of strengthening and redefinition. To grow at all, we must grow together. Mohamed Mansour |
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