Egypt has been in a state of transition to democracy over the past three years - one that is based on the rule of law, the chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC) has said.

Indeed, economic reforms adopted by the Egyptian government have paved the way for progress and development, Ahmed el Wekil said in his speech at the Egyptian-Slovenian business forum Tuesday. 

Cairo is currently acting to outline new bills to support the economy and create an investment-friendly climate with the aim to attract more foreign direct investments (FDIs), Wekil said. 

Egypt's is a free market economy, he told the forum, noting that the government is cooperating with the private sector to achieve sustainable development. 

Truly, the economic reform measures could sound difficult, but they would do the trick of achieving economic stability, while the government works to amend the administrative structure to reduce the budget deficit, the FEDCOC chairman said.

He touched upon Egypt's big market and distinguished location, not to mention trade deals to which it is party. All that makes it possible for products to reach more than 1.6 billion consumers in the region, he noted. 

Egypt offers promising investment opportunities in many fields, Wekil said, citing mega projects, such as the Suez Canal Corridor, the reclamation of 1.5 million feddans and new and renewable energy plants.