Farid added that stock markets play a major role in providing finance to companies so that they build competitive economies and achieve sustainable growth rates. He ensured that the stock exchange is keen in taking the necessary procedures to list new efficient companies that are willing to expand. Parallel to the establishment of a regional trading environment as well as introducing and activating new products and financial instruments, in line with raising the efficiency and quality of corporate disclosures.
Farid stressed that EGX management within its efforts to attract new investors to diversify the market’s investment portfolio; it is accelerating its activity to train the employees of more than 100 significant companies that operate in various economic activities. These employees have financial adequacy and willingness to save and invest to secure their future desires in terms of developing the individuals’ investment behavior in Egypt.
“The presence of an active, efficient and competent stock market is essential for any emerging economy aiming at growth and to be competent to take a leading position on the global investment map”, Farid Said.
EGX Chairman explained to the attendees the economic reform program adopted by Egypt government with that is supported by the International Monetary Fund. The Egyptian economy has experienced difficult times during the past seven years, reflected in slower growth, tardy investment, increasing budget deficit and rising debt.
He added, currently, the first phase of reforms has been implemented; floating the currency, improvement of the energy system, development of the business environment, the declaration of organized legislation and strengthening of social protection networks,” Farid continued. “The economy had developed and private sector’s role has grown where it has raised its economic activity, job creation, and debt declined as well.
The Chairman stressed that without strong economic growth and sustainable policies that create more jobs and raise incomes, living conditions will not improve. This requires deepening the reforms, especially the structural ones that stimulate and enable the business sector to expand, produce, export and create jobs.