{"id":652239,"date":"2017-01-04T04:06:39","date_gmt":"2017-01-04T04:06:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/04\/qalaas-ahmed-heikal-holds-forth-with-lamees-and-the-pharma-flap-remains-in-the-spotlight-on-an-otherwise-slow-news-night\/"},"modified":"2017-01-04T04:06:39","modified_gmt":"2017-01-04T04:06:39","slug":"qalaas-ahmed-heikal-holds-forth-with-lamees-and-the-pharma-flap-remains-in-the-spotlight-on-an-otherwise-slow-news-night","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/04\/qalaas-ahmed-heikal-holds-forth-with-lamees-and-the-pharma-flap-remains-in-the-spotlight-on-an-otherwise-slow-news-night\/","title":{"rendered":"Qalaa\u2019s Ahmed Heikal holds forth with Lamees and the pharma flap remains in the spotlight on an otherwise slow news night"},"content":{"rendered":"

Qalaa Holdings Chairman Ahmed Heikal was optimistic about the future<\/strong> in an appearance last night with Lamees El Hadidy on CBC\u2019s Hona Al Assema. In a lengthy discussion, the two discussed the economy and expectations of 2017. Heikal believes many factors support growth in Egypt \u2014 the shift to a more flexible currency regime, the gradual phase-out of subsidies (which will be positive for both the budget and the trade deficit, he says), the effect of the EGP devaluation on tourist inflows, new oil and gas discoveries, and the gradual pickup in export activities, to name but a few.<\/p>\n

Reforms painful, but necessary: <\/strong>No matter how \u201cpainful\u201d they may seem for citizens, he said, the Ismail government\u2019s reform program is long overdue and essential to sustainable growth and development. \u201cThe result of the [reform] measures we adopted recently is that in two years\u2019 time, we will have a more diversified economy that\u2019s in much better shape than it is now,\u201d he said.<\/p>\n

Should have started a decade ago: <\/strong>Heikal said the reforms should have started a decade ago, when the first signs of the current economic crisis were first detected. The energy crisis, for example, began in 2005 \u201cand we didn\u2019t do what needed to be done then\u201d (watch<\/a>, runtime 34:57). The businessman told El Hadidy that the government has taken great strides in energy, explaining that a reduced energy imports bill would alleviate significant pressure on the state budget. Looking ahead, he said, a lot of support should be directed towards bolstering domestic manufacturers. \u201cWe can\u2019t continue to rely on imports for everything. That\u2019s just not sustainable,\u201d he said. \u201cWe have to grow and manufacture locally.\u201d He also stressed the importance of exports and the availability of foreign currency liquidity in the country (watch<\/a>, runtime 20:59).<\/p>\n

Pharma producers and government at odds again:<\/strong> Cabinet spokesman Ashraf Sultan told Lamees during a call-in that the announcement of new pharma prices should take place in 10 days, \u201cbut the Health Ministry is still in negotiations with local manufacturers\u201d (watch,<\/a> runtime 2:11). Pharma producers have been clashing with the government over what defines a \u201cchronic illness,\u201d after the health ministry said it would only be raising the prices of meds that remedy non-chronic diseases (more on that in the Speed Round). Osama Rostom, the Deputy Head of the Federation of Egyptian Industries (FEI)\u2019s pharma division, said \u201cthe health ministry should give us a clear definition.\u201d Rostom added that Health Minister Ahmed Rady expects the new prices to go into effect by 1 February (watch,<\/a> runtime 10:42).<\/p>\n

Over on ONTV\u2019s Kol Youm, Amr Adib was concerned whether pharma producers would be able to continue producing meds for chronic diseases<\/strong> if they are unable to increase their prices and loudly suggested that the government should cover the difference between the production cost and selling price of these medications. \u201cOtherwise there will be a shortage in the market because the manufacturers won\u2019t be able to sustain the losses,\u201d he said (watch,<\/a> runtime 1:18).<\/p>\n

Yahduth fi Masr\u2019s Sherif Amer<\/strong> also followed up on the meds squabble, but broke new ground only in a chat he had with GAFI chief Mohamed Khodeir about the draft Investment Act. \u201cThe new law conforms with the recent economic reform program and the Egypt 2030 Strategy,\u201d he said. Khodeir said the law will help cut red tape by allowing online applications for permits and licenses. \u201cThe new law will allow GAFI to issue any approvals itself if [another government] entity doesn\u2019t complete the task within 60 days of [a company\u2019s] application,\u201d he said.<\/p>\n

No mention of new law at NGOs meeting with President:<\/strong> Amer also covered President Abdel Fattah El Sisi\u2019s meeting with representatives of various NGOs, which apparently did not broach the subject of the new law that was approved last month. Chairman of the \u200eBadrawi Foundation for Education and Development Hossam Badrawi, who attended the meeting, told Amer that the gathering focused on how NGOs can assist the community and help people meet their current needs, particularly with regards to food and meds.<\/p>\n

Also on last night\u2019s talk shows:<\/p>\n