Euro-Med alliances call for fast action on economic recovery

“It’s time for us to walk the talk,” said Ahmed El-Wakil, head of the Alexandria Chamber of Commerce on Wednesday at the Euro-Mediterranean Trade and Investment Summit held in Egypt this year.

El-Wakil called on the governments of Egypt and the European Union to help hasten the recovery process by taking three crucial steps: renewing support for those who want to invest in the Mediterranean countries by ensuring sustainability, calling upon countries to open trade services, and encouraging development institutions and donors to increase business opportunities and contributions.

“We meet today at a time where the EU is 27 countries, at a time when all countries’ trade and investments are at [their] lowest, and as many countries in the [region] are also pushing for democracy and change,” he said.

“We are doing our utmost fighting against time, with support of our governments and private businesses; we can overcome this period easily,” he added.

El-Wakil, along with leaders from the Euro-Mediterranean business alliance, stressed the importance of boosting small and medium enterprises as well as enhancing the overall businesses environment to make the region’s diverse and high-yielding markets attractive to investors.

Speaking on behalf of Egypt’s Prime Minister Essam Sharaf, who was unable to attend, Trade Minister Mahmoud Essa said the government is currently missing the “ability” to create suitable environments for the business sector, as well as create a balance between education and jobs.

He added that Egypt has “a workforce that is eager and willing to work,” and it is vital for the government to cooperate with the private sector to provide more jobs and facilitate business.

Galal Zorba, president of BusinessMed and MedAlliance Board, reiterated a similar message: “We demand that governments work faster to establish jobs, facilitate business, and get things moving.”

While the intention to strengthen and broaden business opportunities unquestionably exists, investors and businessmen continue to face obstacles especially in the Euro-Mediterranean region, where many believe countries should be more open to each other.

“The Mediterranean region is going through changes,” said Alessandro Barberis, president of EuroChambers and co-president of MedAlliance. “We take the opportunity of the Arab spring to improve economic opportunity, establish new partnerships and share responsibilities with the southern Mediterranean countries,” he added.

To achieve these goals and create more job opportunities for the citizens of the region, many of whom are young and able youth willing to work, several imperative steps must be taken.

“The investment in the Mediterranean program today is celebrating real initiatives that will ensure there are real investments and deals and results to be seen on the ground,” he said. “However, important obstacles still lie ahead.”

“There are heavy regulations, corruption and inefficiency in education systems; all of these can decrease foreign direct investments in a country,” he added.

Barberis underlined the need for more “cooperation and sharing” between Europe and Mediterranean nations. Despite the crisis the EU faces, European businesses continue to invest in the Mediterranean region, which highlights the importance of its potential.