"A Capitalist economy that takes into account the social aspect," is what presidential candidate Abdel-Moneim Abul-Fotouh wants for Egypt's economy. This week he told members of the American Chamber of Commerce in Cairo that he appreciates "national capitalism" which is out not only for its own gain, but for the good of its society.
Abul-Fotouh pointed out that despite corruption over the past 30 years, national capitalists have played an essential role in the growth of Egypt for decades. Speaking broadly about his economic agenda, Abul-Fotouh stressed that he wants an Egypt that is open for investments, able to make the most of its resources and free from red tape. He clearly stated that he is against making life difficult for businessmen and against the collection of progressive taxes. "Taxes should not exceed 25 to 30 per cent," he said.
To him, Egypt's wealth lies not only in its multiple economic resources but in its people, the true potential of whom will only flourish with better education and health. He wants to see 25 per cent of the government budget directed at improving education, compared to the current eight per cent. And he wants 15 per cent to go to better health insurance, rather than the existing 4.5 per cent. "Health and education are not a service. They are the basis for production, and an economic and political renaissance," he said.
© Al Ahram Weekly 2012
