The current political and economic situations worldwide may be the most difficult through the last two decades. Hence, there is a dire need for creating a new suitable way forward for going out of that impasse. As a roadmap that we can use to navigate ourselves out of this crisis, then we can work for going far from such as economic falls, new flexible laws and immediate decisions supported will have a great effect on controlling inflation rate and the depreciation of the currency’s value. With a huge increase in all goods’ prices, there is a for corrective actions and procedures for getting new resources for national income and attracting new investments.
All new legislation should be created based on a win-win concept for providing benefits for all partners or participants in any economic activity inside the country. Therefore, the rescue plan has to be set up on cooperation and integration principles between all concerned establishments inside the management system of the state. Any economic decision or regulation has to be subjected to detailed social study before going ahead for applying same to avoid people’s resistance and their negative attitudes towards that new legislation that may be considered as a good solution for their hard problems.
Some issues can lead to new legislation application failure or loss of economic benefits coming from that new regulations/laws like a trial to achieve some benefits for a special group of business pioneers or governmental responsible, ignorance of the social effect of that law or decision, delay of rescue legislation creation and application during critical situations, incomplete legal frame of that legislations may lead to negative results and increase bad effects, and developing of illogic conditions or impossible requirement from the other partners for applying that regulations.
All of these new legislations that have been created for critical economic conditions, have to be set up based on a fixed time frame and follow to gradual implementation scheme to achieve their objectives with minimal negative impacts. Once an economic system exceeds the bottleneck point in any crisis, new legislation and decisions should be suitable for the next stage of recovery.
The energy sector is not out of that correction actions and new legislations; I think is in heart of any development or rescue plan for any country’s economy. I see that managerial systems enhancement and human resources development through a group of new smart legislations can be a very good direction for the Egyptian energy sector in the upcoming next years.
I think the most of solutions for the current economic crisis should come from inside the country through building trust between the government, people, and national investors. This is considered the three-sided triangle of any progress in the country and each component is strongly connected to the welfare and prosperity of the other. Confidence between the three partners should be created through well-respected laws and regulations that will achieve the benefit of all.
In the end, I need to support & clarify my ideas related to developing new flexible and innovative legislation for managing the current severe economic crisis by examining the following two examples of new innovative legislation or laws that can affect the Egyptian economy greatly in the short to medium term. The first example is the new law for regulating agriculture inside Egypt based on a governmental plan for producing agricultural products that are suitable and valid for export to neighboring countries in the Arab Gulf and wider Middle East. Other agricultural products can be used in food industries through a big group of new factories that can be supported by the government side through facilitating all production requirements and developing governmental authority for exporting, on behalf of the producers, to the Arab and African countries.
The second example is a new law for the establishment of a new Silicon Valley for programmers and software developers, which will support them in developing new programs, computer software, and mobile phone applications by suitable regulations for tax-free, assistance in marketing their products worldwide through propaganda and advertising organizations, and providing suitable training for innovative persons in reputable companies and organizations for gaining new high skills to cope with the latest technologies and programs.
The third example of new legislation/regulation that will benefit the national economy and national income greatly is setting up a new smart governmental organization for human resources investment and development, as a national project, then exporting them to the countries in need of their efforts and skills under complete care and support of the Egyptian Government.
The proper way for achieving organizational targets efficiently may need to provide good coordination and integration with the other partners e.g. foreign affairs ministry, labor ministry, and higher education ministry, and national training academy for preparing the qualified & well-experienced candidates to win good positions in different fields outside Egypt, then they will be a good source for national income and saving foreign currency for their country and on the other side this project will be a good procedure for reducing the unemployment rate in the country.
I think the good diplomatic relationships between Egypt and most countries, especially Arab countries will support this national project.