Page 6 - issue-25 - en

ELITE Vol.1 No.25, Nov. 2020

SKILLS ONCE CONSIDERED ADDITIONAL FOR JOB

MARKET (LIKE FOREIGN LANGUAGES AND COMPUTER

SKILLS) BECAME NOW BASICS FOR GETTING A JOB

Thus, the challenges, in his opinion, start from the fact that the Although it is likely that there are big challenges facing
insurance sector doesn't have big institutions that can take the banking, energy, industry, agriculture sectors, and others, these
needed decisions to promote it, unlike the plan that was laid out sectors won't be disrupted, which means that insurance sector's
for the banking sector, aimed at getting rid of small contributions investments and its expanding investments plans would
and attracting foreign investments, among others. There are other continue. Mr. Basil calls on other sectors to develop themselves
challenges that stem from this major challenge, as all of the to cope up with the repercussions of this crisis, because if they
sector's requests need to be submitted separately, by addressing a stop their expansion and development in the face of the crises
specific entity for a specific request, like trying to establish new that world have faced recently, the situation would worsen. He
companies, widening the use of technology, and trying to widen
stresses that we should continue our growth, because this will
the base of producers. In fact, Statistics show that Egypt has very be the main determinant of what will happen in the future.
few numbers of producers compared to its population, something Regarding the global economy, he thinks that the big crisis lies
that could also provide new job opportunities for the youth. Not in the debts that worryingly exceed the world GDP, as debts
only that, there is also the so-called "banking insurance" that exceed production. This could lead the world economy to a
allows Banks' clients to buy insurance products; this was recently breaking point. This was clearly evident before the advent of
put into practice by the National Bank. the Corona crisis, and was accelerated by the trade war between
the US and China and the Brexit. This situation represents a
2018-2020
Mr. Basil says that in order to convince the people, you have to burden on countries which are traditionally supposed to save
offer a product that is so convincing and attractive for them to buy indebted countries, which made the whole world cry for help
it, which in turn enlarge the market, including the recent scheme with no savior in sight.
under the name "Tomorrow's pension" which the insurance sector
offer to young people as a saving fund. Then Corona virus came and made matters worse. But we only
He also spoke about the current economic situation in Egypt, hope that after all these conflicts and disputes that have taken
saying: there is a difference between the current unprecedented place, the world would unite to get out of this crisis and
crisis stemming from the Corona Virus, and the 2008 financial overcome its ramifications, or at least delay current problems
crisis which was in effect a banking crisis. The current crisis, on until the world could find a solution to them. Mr. Basil adds
the other hand, started as a health crisis and then has morphed into that the situation remains unclear, and nobody can claim to
a crisis on all levels. Because we have not seen the end of this know what would happen next, because the world was already
crisis yet, it is unlikely we can predict what happens next. The going through a big problem, waiting to see its ramifications,
whole world is waiting and assessing the situation. and then the Corona virus came along and made matters worse.
Finally, Mr. Basil sends a message to students that the future
In his opinion, the economy's strength lies in the size of doesn't lie only in books, despite their strength, but lies also in
population, because if human power is put in its correct setting what they studied and benefited from these books. He advised
and in the required sectors, it will be a huge driving force that them to build their skills, saying: the skills that were previously
helps us reach what China has accomplished. Some economic
seen as complementary for excellence, have now become
activities in Egypt are connected to the outside world, therefore essential requirements in the job market. If they neglect these
they tend to be volatile, chief among them is tourism. Egypt still skills, they would lose a big part of the competitive edge
lags behind other countries when it comes to its trade balance, and thousands of other people have. He noted that students should
it has a shortage in exports and imports. Therefore, unlike other make full use of university years in developing these skills to
countries, Egypt will not be greatly affected, due to the halting of be equipped for the job market. Because if they start
commercial transactions, since it is not hugely integrated in world developing them after graduation, they will be lagging behind
commerce. others.
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