Egypt should encourage and lure more foreign investments to boost the economy with attractive financial and economic policies, an economist told a symposium held in Cairo.

Mohamed Taymour, who is the vice chairman of the Egyptian Center for Economic Studies (ECES), warned that Egypt imports 65-70 percent of its foodstuffs.

He was commenting on the 2015-16 Global Competitiveness Report released by the omic FWorld Econorum.

Egypt ranks 116 among countries on the competitiveness scale of the report, compared to 119 in 2014.

There is a minor advance in the Egyptian ranking, said Taymour, citing a deficit of $12 billion in the Egyptian balance of payments.

The ECES is an independent Egyptian think tank that promotes sound public and private policy-making through high quality, innovative research and informed public debate, committed to prosperity, social equity, open society and global integration.