To others, globalization is perceived as emanating from the United States and imposing a Western value system on the entire world. The centrality of Egypt might be threatened by globalization. The public sector and trade deficits were huge, and there was a large foreign debt. For Egypt to compete successfully in the global marketplace, it must improve skill formation and education, said Mr. Dervis. Egypt is trying hard, but the challenge is huge.
Higher education needs a radical overhaul.
The public sector cannot do it by itself. The private sector has to enter the sphere, but not just with private academies for the wealthy. The second challenge is to create a trade policy with Europe. Mr. Dervis thinks this can be achieved by providing services, specifically tourism and high technology. Egypt is very underexploited in the tourist area.