Tuesday, March 10, 2015

Leadership: Al-Sisi Turns Egypt Towards Free Markets

Egypt is quietly forging ahead with a grand plan to expand its Suez Canal, open itself to investment and modernize its economy. In light of its credible actions to destroy radical Islam, it's a praiseworthy path.
From his powerful speech declaring a "religious revolution" and reclaiming Islam for civilization at Cairo's famed al-Azhar University last January, to his efforts to protect Egypt's battered Christians, and now his shutdown of 27,000 unregulated radical mosques, President Abdel-Fatteh al-Sisi has already secured a place in history just for his leadership in attempting to right the axis of the Islamic world.
But he's also running a parallel operation to pull his country up on its economic feet and make it a First World country, quite possibly comparable to the two-track effort that transformed Chile in the mid-1970s.
Instead of telling Egyptians to just be content with stability, al-Sisi has launched into a breakneck modernization of the Suez Canal, ordering military engineers to double its capacity to 97 ships a day by August, two years ahead of schedule.
He's also hosing out the regulatory morass and simplifying laws to attract foreign capital. Egypt's investment minister, Ashraf Salman, wrote in last week's Wall Street Journal that the country is attracting high interest from multinationals, with as many as 2,000 companies expected to visit the country's investment conference next week in the tourist resort city of Sharm El Sheikh.
Read the rest of the story HERE.

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