Abou El-Enein: Coronavirus to Change Global Economy


Mohamed Abou El-Enein, President of the Investors Division of the Federation of the Egyptian Chambers of Commerce confirmed that the coronavirus will structurally lead to a major change in the global economy.

Abou Al-Enein indicated that China will be the ‘black horse’ that will play a pivotal role in the global economy after the corona crises, and Egypt can be among the biggest emerging economies if it intensifies cooperation with advanced economies in the coming period.

He added on Tuesday, during a meeting with the Board of Directors of the Investors Division, that the Silk Road can increase Egyptian exports as well as other participating countries, putting the Egyptian product in the place it deserves.

He explained that there are a lot of obstacles during the current period that must be reviewed and worked on to help the Egyptian economy achieve its goals, noting that the foreign direct investment (FDI) is currently in a downward trend, which is hindering the desired for growth, especially in a strong and promising economy like Egypt.

He explained that there are many obstacles during the current period that must be reviewed and acted upon to help the Egyptian economy achieve its goals, noting that foreign direct investment (FDI) is currently tending to decline, which hinders the achievement of the desired goal for growth, especially in a promising economy like Egypt.

President of the Investors Division indicated that more investments should be pumped in the agricultural, industrial and service sectors, explaining that more attention should be given to training cadres and strengthening the workforce in Egypt.

On his part, Magd Al-Manzlawi, Deputy Head of the General Division stressed that the global downturn that occurred due to the corona pandemic is a major reason for the decline in growth and exports, stressing the necessity of the private sector during the coming period to increase investment in the Egyptian market to contain imports.

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