{"id":568214,"date":"2020-12-22T04:17:16","date_gmt":"2020-12-22T04:17:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/"},"modified":"2020-12-22T04:17:16","modified_gmt":"2020-12-22T04:17:16","slug":"trade-transparency-private-investment-says-world-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/","title":{"rendered":"Trade + transparency = private investment, says World Bank"},"content":{"rendered":"

<\/a> Egypt\u2019s private sector is yet to feel the benefits of the government\u2019s economic<\/strong> reforms<\/strong>, and although the economy has stabilized in recent years, policymakers must enact further structural changes if the country is to attract more private investment, the World Bank and the International Finance Corporation have said in a new report (pdf)<\/a>. Launched yesterday, the paper reveals that private investment\u2019s share of the economy, while rising, continues to lag behind the historical average despite strong economic growth and improving public finances. And while Egypt is a top destination for FDI in Africa, inflows remain low by global standards and are falling.<\/p>\n

Exports haven\u2019t reacted to the EGP float:<\/strong> Although the currency float at the end of 2016 has made a dent in the country\u2019s trade deficit, Egyptian companies have struggled to compete internationally, revenues haven\u2019t matched those of peer countries, and the number of exporters has remained \u201ccritically\u201d low, with only 9% of manufacturers directly selling overseas.<\/p>\n

But why?<\/strong> Making clear that Egypt has the capacity to evolve into a regional trading hub, the bank said that the tariff and non-tariff barriers are standing in the way of local companies becoming internationally competitive and integrating into global value chains. Import tariffs \u2014 which currently average 19%, making the economy the second most-protected in the world \u2014 stifle local competition, drive up prices and incentivize companies to focus their efforts domestically. And a range of non-tariff barriers \u2014 including slow customs clearance, a complex bureaucracy and below-par infrastructure \u2014 hold back the development of local industries and dampen foreign investment.<\/p>\n

Leveling the playing field:<\/strong> Private and foreign investment has also been held back by the raft of state-owned enterprises (SOEs), whose presence in almost every sector \u201cfeeds the perception of overstretch,\u201d the report argues. Selective tax exemptions, weaknesses in antitrust legislation, and a lack of public information about SOEs raise concerns about the integrity of market competition. \u201cThe main message is not to say that SOEs are a bad thing, but it is difficult for investors to make educated decisions on market and sector conditions due to the absence of public financial information,\u201d lead writer of the report and World Bank senior economist Hoda Youssef told reporters yesterday.<\/p>\n

Making contracts stick:<\/strong> The inconsistent enforcement of contracts in Egyptian courts make the business environment even more unpredictable for companies, which can never quite be sure about their legal standing. The costs are high, delays often extensive and enforcement inconsistent, providing uncertainty to foreign businesses and putting the judicial system out of reach for most small firms. \u201cThis is an important deterrent for the private sector and FDI as legal scrutiny and predictability constitute key conditions for a sound business environment,\u201d the report says.<\/p>\n

Transparency and trade = the keys to success:<\/strong> Improving transparency of the state\u2019s economic footprint and cutting barriers to trade will go a long way to transforming domestic industries and attracting foreign direct investment, the World Bank said. Leveling-up transport infrastructure, streamlining customs and tariffs, and modernizing the court system will also help to draw more capital into the country. The private sector also needs to be playing more of a role in policymaking, the bank said, calling for the government to engage more with firms as it embarks on stage two of the reform process.<\/p>\n

Making the business environment more private sector-friendly is one of the main objectives of the latest IMF program.<\/strong> The USD 5.2 bn standby loan<\/a> agreed with the IMF in the summer is partly conditioned on further structural reforms<\/a> designed to promote private sector growth, including improving transparency of SOEs and cutting red tape.<\/p>\n

*** Stayed tuned:<\/strong> Tomorrow we publish our extended interview with the author of the report: Hoda Youssef, senior economist at the World Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s private sector is yet to feel the benefits of the government\u2019s economic reforms, and although the economy has stabilized in recent years, policymakers must enact further structural changes if the country is to attract more private investment, the World Bank and the International Finance Corporation have said in a new report (pdf). Launched yesterday, […]<\/p>\n","protected":false},"author":1,"featured_media":568215,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10016],"tags":[104,72,103,272,125,9452,132,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-sector","tag-economy","tag-enterpriseam","tag-fdi","tag-imf","tag-investment-watch","tag-private-sector","tag-trade","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"38b1261a-92be-4b13-9b9d-72bdf1261ddc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/374.jpg","photo_position":"above","related_issue":[568207],"teaser":"","voice_url":""},"yoast_head":"\nTrade + transparency = private investment, says World Bank - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trade + transparency = private investment, says World Bank\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s private sector is yet to feel the benefits of the government\u2019s economic reforms, and although the economy has stabilized in recent years, policymakers must enact further structural changes if the country is to attract more private investment, the World Bank and the International Finance Corporation have said in a new report (pdf). 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Revenues at 17 non-oil, public sector holding companies more than doubled from July 2016 to June 2019 to EGP 60.6 bn, while income after tax more than\u2026","rel":"","context":"In "REFORM"","block_context":{"text":"REFORM","link":"https:\/\/enterpriseam.com\/egypt\/category\/reform\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593860,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/13\/egypts-economy-to-grow-at-5-8-clip-in-fy-2019-2020-world-bank\/","url_meta":{"origin":568214,"position":2},"title":"Egypt\u2019s economy to grow at 5.8% clip in FY 2019-2020- World Bank","author":"enterpriseam admin","date":"13 October 2019","format":false,"excerpt":"The World Bank has maintained its expectations that Egypt\u2019s economy will grow at a 5.8% clip this fiscal year and accelerate to 6% in FY 2020-2021 \u2014 assuming that macroeconomic reforms continue and the business environment improves, it says in its latest economic update (pdf). This is slightly lower than\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568264,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/23\/enterprise-talks-to-hoda-youssef-senior-economist-at-the-world-bank\/","url_meta":{"origin":568214,"position":3},"title":"Enterprise talks to: Hoda Youssef, senior economist at the World Bank","author":"enterpriseam admin","date":"23 December 2020","format":false,"excerpt":"Embracing the private sector: An interview with Hoda Youssef, senior economist at the World Bank. Earlier this week, the World Bank and the International Finance Corporation published an in-depth report on the barriers facing private investment in Egypt which prevent local industries from becoming internationally competitive and integrating into global\u2026","rel":"","context":"In "Spotlight"","block_context":{"text":"Spotlight","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/spotlight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/398.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576136,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/11\/job-creation-productivity-key-as-egypt-exits-covid-crisis-world-bank\/","url_meta":{"origin":568214,"position":4},"title":"Job creation, productivity key as Egypt exits covid crisis -World Bank","author":"enterpriseam admin","date":"11 November 2020","format":false,"excerpt":"Job creation, productivity key as Egypt exits covid crisis -World Bank: Egypt needs to double down on reforms to stimulate job creation and private sector activity as the impact of the coronavirus pandemic on the economy begins to abate, the World Bank has said in its latest Egypt Economic Monitor\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591831,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/18\/egypts-private-sector-activity-expected-to-recover-in-2020-amid-favorable-economic-environment-efg\/","url_meta":{"origin":568214,"position":5},"title":"Egypt\u2019s private sector activity expected to recover in 2020 amid \u201cfavorable\u201d economic environment -EFG","author":"enterpriseam admin","date":"18 December 2019","format":false,"excerpt":"Egypt\u2019s private sector activity expected to recover in 2020 amid \u201cfavorable\u201d economic environment -EFG: As Egypt\u2019s economy enters 2020 with fiscal consolidation coming to an end and without macro tightening on the horizon, private sector activity is set to begin gradually recovering next year, EFG Hermes\u2019 research team says in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/2478.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=568214"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568214\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568215"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568214"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568214"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}