Abdel Fattah Sisi Announces Egypt#039;s Long-Term Development Strategy
Egyptian President Abdel-Fattah al-Sisi said Friday that his country had laid out a sustainable development strategy through 2030 to build a "civilized" society.

Al-Sisi's statements came during his opening speech at Egypt's economic summit, which kicked off Friday in the resort town of Sharm el-Sheikh with the participation of nearly 100 countries, 25 international organizations, over 2,500 investors, and 755 firms, according to Egyptian officials.

The sustainable development strategy will be carried out with the participation of the private sector and civil society organizations, so as to guarantee the implementation of the programs and policies that will achieve the targeted economic goals, al-Sisi said in his opening speech.

The Egyptian president said his country had laid out a long-term sustainable development strategy through 2030 that included the application of a just taxation system and a narrowing of the country's budget deficit.

He went on to note that a significant improvement could already be seen in the growth rates recorded in the first quarter of the current fiscal year.

The Egyptian government plans to unveil 50 investment projects worth a total of $35 billion during the three-day summit, according to ministry spokesman Badr Abdel-Ati.

Among the projects is the Suez Canal Corridor Development mega-project, which is expected to account for 30 to 35 percent of Egypt's total gross domestic product, he added.

Egypt is counting on the summit to restore investor confidence and attract some $8 billion worth of foreign investment before the end of the current fiscal year ending June 30.

The country hopes to lure an additional $10 billion worth of foreign investment by the 2015/16 fiscal year to revive its economy, which has suffered major setbacks since a 2011 popular uprising that led to the ouster of longtime autocrat Hosni Mubarak.
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