Morsi made the remarks when addressing the nation Wednesday evening, one day after the country's newly-written draft constitution was approved in a referendum.

He praised the government of Qandil that assumed office early August, stressing "It has been working under very critical conditions."

Referring to the approved constitution, Morsi said it ensures citizens' rights and freedom, and supports national unity which is the "backbone" of the state.

The Egyptian president added that due to the approval of the constitution, "We concluded a transitional period that lasted for nearly two years," adding that the coming days will witness the launching of new projects to boost the country's economy.

Meanwhile, he renewed invitation to the opposition to participate in the ongoing national dialogue, noting that his administration will respect the law and the constitution.

Morsi said the approval of the constitution is a "very important" step for the country's history, especially after the upheaval that toppled former leader Hosni Mubarak last year, and the new constitution decreased the president's power, making him a "servant" for the people.

He also noted that "the legislative power had already been transferred to the Shura Council (upper house of the parliament) from the president after the constitution was approved, and will then be transferred to a new people's assembly which will be elected soon."

Head of Egyptian Supreme Elections Commission, Samir Ahmed Aboul-Maaty, announced Tuesday evening that the first post-Mubarak constitution was approved by 63.8 percent of votes in the referendum.