Per capita income in Egypt increases by 88% in 9 years
Egypt, Economics, 3/1/2000

It is a source of pride that the per capita income has increased in Egypt by 88% in nine years. I don't think any country has reported such a success, which is basically attributed to the keenness of President Hosni Mubarak pursue economic reforms.

Mubarak was also keen to see that the economic reforms should carefully take account of social consequences.

Monday, President Mubarak recalled to the COMESA conference in Cairo the enormous and painstaking efforts the Egyptian people exerted until the economic reforms bore fruit through a remarkable increase in per capital income, writing off two-thirds of the country's debt and increasing the growth rate by 6%.

In his straight fashion talk to Egyptian citizens, President Mubarak emphasized that the road remained long and painstaking, especially after a slowdown in savings, a reduction in the size of domestic investments, and an increase in debts and steady decrease in development aides.

However, Mubarak carefully outlined the road signs and the procedures needed to overcome obstacles lying ahead. In this respect, he referred to the enormous incentives for domestic and foreign investment, efforts in the making to increase the volume of exports by opening new markets overseas, and efforts made to upgrade technology.

Due to his keenness on expanding the employment of technology in Egypt, President Mubarak spares no effort or opportunity to support scientific research centers and their brains. He also supports opening more new universities for talented students to share responsibility of the country's great revival.

President Mubarak is also enthusiastic about the establishment of Arab and African economic blocs to face the challenges of giant blocs in Europe, US and Asia, he strongly believes that small entities scattered here and there will gain no foothold in the new world order. That is why he sincerely appealed to Arab and African brothers to consolidate cooperation, open their doors wide and establish expanding networks of communication.

There is no doubt that Egypt clearly penciled its image during Davos summit in Switzerland last year. Now, Egypt's African brothers give a message to the world that the land of the time-honored civilization contributes to the betterment in our world.

Previous Stories:
  13 COMESEA countries seek Egypt's help in setting up research Farms   (2/29/2000)
  Egypt, keen on fulfilling COMESA objectives   (2/29/2000)
  Mubarak rceives Presidents of Kenya, Zambia, King of Swaziland   (2/29/2000)
  Mubarak inaugurates COMESA Conference   (2/28/2000)
  Time's ripe for a new vision for the Middle East   (1/31/2000)

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