On Saturday 14th January 2012 the Federation of Egyptian Chambers of Commerce (FEDCOC) released the first economic constitution in the history of Egypt. This came just one day to the planned visit of the IMF to the country where a possible loan of $3 billion from the IMF to Egypt was to be discussed.
This constitution was conducted over the past 6 months by 56 professors of economics from 14 Egyptian universities, from all political affiliations.
The first draft was reviewed and upgraded by all business federations (industries, tourism, banks, contractors, investors,…etc.) and then further upgraded after being presented to the civil society at large 3 months ago. The final draft to be launched was drafted by Academia in a free manner.
The aim was to produce a draft “Economic Constitution” for discussion by all stakeholders, where the final version will be like the political constitution, enforcing a stable economic environment, abided to by successive governments, whatever their political affiliation is, ensuring creating an environment conducive to long term investments.
As announced by Ahmed El Wakil, Chairman of the Federation of Egyptian Chambers of Commerce during the press conference, the constitution discusses the rising unemployment in Egypt despite the huge population of well -educated youth. He also pointed out that 70 % of Egypt’s trade is with the European Union and the United States and therefore the producers should focus more on the quality of Egyptian goods to boost the Egyptian exports. Furthermore the constitution tackles, as indicated by El Wakil, the need for a free, yet regulated market and the reform of subsidies and social solidarity programs, making them more efficient and avaialable to those who truly need them.