Interview of the Fortnight: Ambassador of Egypt to India
Egypt: Transition to ensure inclusive growth
The recent upheaval in Egypt has ensured the fall of President Hosni Mubarak and has given hope to the people establishment of a democratic and reformist government sooner than later. The interim military administration has already rolled out plans for installation of a democratically elected government. Will the transformation be smooth? Whether Egypt will be able to restore normalcy and business sentiment? In an exclusive interview to Renu Malhotra, Editor in Chief of Afro Asian Business Chronicle, the Ambassador of Egypt to India H.E. Khaled El Bakly presented his country's perspective. Edited Excerpts:
Egypt's rulers, military and people have shown great maturity in handling the recent situation. What is the transition roadmap set by your country?
The Transition period has been set for six months during which elections will be held as per new law. The earlier parliament stands dissolved. A Constitution committee has been set up to deliver. Ten days have been set for formulation of articles with regard to forthcoming Presidential elections. These involve firstly, amendment to the Constitution; secondly amendment to the law governing the elections of the parliament; and thirdly all persons arrested during the revolution have already been released.
Do you think the transition of power usher in an era of inclusiveness?
Egypt's economy, post "white-revolution" will be more progressive and more positive, especially in view of the fact that one of the popular demands was action against corruption and monopoly in the economy. The new government is committed to provide more opportunities and balanced economy based on comprehensive distribution of wealth that will not only be inclusive at the democratic level but also at the developmental levels.
Egypt and Israel have a long and time-tested peace treaty. Do you think this treaty is in any way under threat following transition of power?
Relations with Israel are one of the issues in our foreign policy. The State is committed to implementing all international treaties and covenants to which it is a party.
The recent revolution has disrupted trade and business in Egypt. How the present administration is trying to put things back to normalcy?
The Egyptian Society is geared to resume all economic activities. Several initiatives by government and civil society are being taken to encourage investment, trade and tourism. Egyptian Tourism suffered during the uprising. Now concerted efforts are being made to revive and boost tourism in Egypt.
What about reopening of Stock Market?
The Stock Market is expected to reopen on February 20. In the meantime, Ministry of Finance has said that February treasury auctions will be announced on weekly basis. The next Treasury bills auctions are going to be issued starting February 20, which would be for 10 billion Egyptian pounds. L.E. tenor starts from 91 days to 364 days.
A lot of Indian investment has taken place in Egypt in the past one decade. Do you think the current situation would lead to any kind of negative impact?
During the crisis, Egyptian Military provided protection to all foreign establishments and investments. The revolution was only an Egyptian issue which emanated from the middle class comprising of intelligentsia, artists and thinkers which is the result of the awareness of the society that religion is important but not everything. Post revolution, we are seeing an increase in opportunities for boosting business with India and other countries.
Is Indian investment and Indian Diaspora safe in Egypt?
Indians have always been welcome and continue being so not only as tourists but also as businessmen. All media people present in Egypt can vouch for the safety of the people and their business establishments.
Are you happy with the role being played by the international community, particularly the US, EU in the aftermath of people's revolution in Egypt?
We are welcoming the positive comments from the world with regard to Egypt's role in the international theatre and support for Egypt's deserved place in the international community. New administration will not take any side but navigate smoothly through parliamentary and Presidential Elections. Once the new government is set up, it will determine its own relations with the outside world. Egyptian people are committed to build their own country in the domestic and international field.
Some people are of the opinion, post revolution, Egypt may fall in the hands of fundamentalists - Please comment.
The judgment is ultimately with the people as has been already evidenced in the recent uprising. Each society has its own structure. Egypt is a multi cultural and ancient civilisation and draws its strength and uniqueness from a highly civilised population.
NINE COMMANDMENTS
Constitutional Proclamation by the Supreme Council of the Armed Forces
- The Constitution is suspended
- The Supreme Council of the Armed Forces shall temporarily administer the affairs of the country for a period of 6 months or until People's Assembly, Shura Council and Presidential elections are held.
- The Chairman of the Supreme Council of the Armed Forces shall represent it internally and externally.
- The people's Assembly and the Shura Council are dissolved.
- The Supreme Council of the Armed Forces shall issue laws during this transitional period.
- A committee to amend a number of articles in the Constitution shall be established and a popular referendum shall be held.
- The government of Dr. Ahmed Mohamed Shafik shall continue its work until a new government is formed.
- Elections for the people's Assembly the Shura Council and the Presidency shall be held.
- The State is committed to implementing all international treaties and covenants to which it is party.
