An Open Letter From an Egyptian CEO
The following is an open letter written by the CEO of a large company based in Egypt. He is not being named out of retribution fears and concerns for his safety ...
The situation worsening ... the military is barely holding on ... anarchy extending ... and the original young demonstrators are marginalized already. The economic meltdown is huge.
If I may make some suggestions ...
First and foremost law and order must be restored as regime autocracy should not be replaced by mob autocracy.
Change must be via legitimate, transparent and internationally observed ballot box and not via demands imposed from demonstrators (A referendum can be used to address specific issues if need be).
Egypt's economic growth was 6 percent and is now predicted to be below 3 percent. This will impact unemployment and pricing negatively. The Supreme Military Council should support a market economy and return the banks and stock exchange to normal activity.
The Egyptian private sector contributes 84 percent of GDP and 75 percent of employment. The Supreme Military Council must support the role of the private sector and allow it to function normally.
Corruption must be dealt within the independent judiciary and all accused must be innocent until proven guilty. The present process of accepting accusations from anyone, allowing for media witch hunts and freezing hundreds of people's assets—plus putting on hold bank transfers—is destroying investor confidence and can damage Egypt's economy and society for years.