The decision of the Central Bank of Egypt (CBE) to liberalize the exchange rate is an initial step to restore the confidence of the Egyptian citizen and investor in the national economy, said Deputy Chairman of the Federation of Egyptian Industries (FEI) Tarek Tawfik. 

In statements Sunday on the sidlenes of a conference on agricultural industrialization, Tawfik said that investment in Egypt will be enhanced after the CBE's decision. 

The decision will contribute to increasing the competitiveness of Egyptian products, he further said. 

It will also contribute to resolving the problem of faltering factories, which were closed over the past period, he added