Association of Egyptian-American Scholars
If there is a signal issue that always comes up in every conversation that takes in any Egyptian house inside Egypt or outside Egypt it is always the state of the Egyptian economy, the very volatile movement of the USD against the Egyptian Pound the hyperinflation that keeps eating out of every Egyptian family spending power every day.
Everyone is wondering what can the Egyptian Government do to make it better? How can the private sector play a bigger role especially when it comes to creating new jobs? And finally how can the Egyptian consumer survive all this economic turmoil sorrowing them.
Government should focus only on 4 short term goals
1- Bring direct foreign investments and that can only be done with stable foreign exchange market, regulations that will protect the investor’s investments and good marketing plan,
2- Encourage Exporting by supporting local industries especially those who bring large amount of foreign currency to Egypt and use local components in their products
3-Tourism is one quick and direct way in bringing foreign currency, again we will need a very strong marketing presence around the developed countries with strong purchase power, in my opinion the most important goal should be Education, with no quality good skilled educated generations then we are today.
Education itself can be a short term investment that can bring foreign currency quick and that by enhancing the education system un Egypt , Egypt had never had a problem with the quality of the teachers or professors , Egypt’s problem has always been the quantity which did change dramatically in the last 64 years with free college education which affected the supply and demand of the work force market which eventually lead us to where we are today, Millions of Egyptians with high degrees but very few with good education.
If we can increase direct foreign investments, Exports and Tourism, the private sector will be the #1 beneficiary which will reflect on the job market creating more & better opportunities for all Egyptian families who had always focused on good education for their kids, Government will collect more taxes that should be used in paying down the soaring national debt.