The United States of America is working to strengthen the Egyptian private sector on several fronts.
At the “USTDA Egypt: Forward Forum,” Assistant Secretary Jose W. Fernandez of Bureau of Economic, Energy and Business Affairs said Egypt is now indeed open for business.
“We have all seen the Arab Spring take flight. But now we must help the Arab Spring take root. The United States is working to ensure the revolution delivers on its promise, and we stand ready to support Egypt as it liberalizes not only its political system, but its economy as well.” -Mr. Fernandez
Mr. Fernandez said Egypt has the challenge to undertake reforms to shed the legacies of the past that have stunted private sector growth – including making it easier to start a business, to invest, to settle disputes, and even to just be an employee.
“As the dust settles on the streets of Egypt, fears and old mindsets still linger, but a new private sector is emerging – one fueled by young entrepreneurs as well as large corporations.” -Mr. Fernandez.
He emphasized that the U.S. government is working to strengthen Egyptian private sector on the following fronts:
Mr. Fernandez pointed out that the private sector cannot do it alone. He said it is vital that the Egyptian government play its part in ensuring that Egypt’s business climate is welcoming and empowering for business.
“Developing and strengthening the private sector is a principal component of our economic strategy for Egypt. A prosperous Egypt, supported by economic growth and a strong private sector, will be an anchor of stability for the region.” -Mr. Fernandez
He said Egypt’s economic story did not begin on January 25. He added that over the last 50 years, Egypt has made great strides towards opening up its economy.
Mr. Fernandez stressed what has changed in Egypt is the awakening of its population of men, women, and youth to drive Egypt’s growth, and reap its benefits. He pointed out that the government of Egypt and the international community must not underestimate the value of human resource – a people that not only stand ready to work hard and innovate to grow their country, but who in fact demand the right to do it.