Midhat Afifi, financial advisor to Ernst & Young, has said that investment in Egypt requires unconventional ideas, as well as confidence in the government’s policies regarding exchange rates.
Afifi said the exchange rates need long-term stability because investors cannot work if rates keep fluctuating. He asked the Investment Minister to meet with the Central Bank Governor and devise a long-term plan for that purpose.
He also said the investment law must be very clear for investors to understand without the help of advisors.
Afifi added that the Egyptian market has promising opportunities for acquisitions and mergers and that the stock exchange does not reflect the general condition of the economy because it merely represents a form of speculation.
Edited translation from Al-Masry Al-Youm
