Pushing forward Egyptian economy guarantees Egypt¹s future
Egypt, Economics, 5/8/2000

"Pushing forward the Egyptian economy poses a basic step, probably the only step, that will guarantee Egypt's future and an effective role in the Middle East region," said Egypt's Foreign Minister Amr Moussa Sunday.

Addressing the Eighth Investment Conference of Egyptian businessmen abroad, Moussa said "Egypt is passing through a critical stage, involving both national and regional economy and the ME peace process".

"By this critical stage I mean a big shift from an old and sterile economic system to a new and free one," said Moussa.

"This shift cannot be effected unless the Egyptian people, that is the majority living here and the group living abroad, referring to the Conference members, play an active role," added Moussa.

Speaking of the importance of this Conference, Moussa said it furnishes a forum for agreement on work plans for taking Egyptian economy to a more prosperous future.

"Egyptian diplomacy is working towards this end and will support all efforts aimed at boosting national economy," Moussa promised.

On Egypt's contribution to the idea of creating an Arab common market, Moussa said Egyptian efforts in this regard began decades ago.

Moussa pointed out that the Arab League Economic and Social Council gave the green light in 1997 for embarking on setting up an Arab free-trade area to be finalized by 2007, with tariffs being slashed by 10 percent annually till their ultimate elimination by the end of the target date.

Citing other groupings that could give a boost to Egyptian economy, Moussa said Egypt's joining the 21-Strong Common Market of Eastern and Southern Africa (COMESA) provides Egyptian exports with the opportunity to tap a 400-million-strong market.

Moussa urged Egyptian business people to access information about the massive COMESA market demands, and reminded them of the success of Asian exports in harvesting enormous returns on the Comesa markets.

"A number of the African countries, notably South Africa, have scored similar gains," he added.

Moussa said both his Ministry and the Ministry of Economy are ready to supply any investor with the data needed in this regard.

Turning to Egypt's interest in Europe and the Mediterranean region, Moussa said negotiations between Egypt and the European Union have already ended regarding a partnership agreement that would allow Egypt access to such big market.

Moussa linked the partnership agreement to the fact that a free-trade area would be set up in the Mediterranean region by the end of the first decade of the 21st century.

Moussa, referring to Egypt's partnership agreement with the US, said all this will open the doors wide before Egyptian exports.

Previous Stories:
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