Government works on providing environment for partnership
Egypt, Economics, 9/27/2000

Egypt's Foreign Minister Amr Moussa on Tuesday stressed the importance of multinational companies for developing countries.

Both sides cannot work separately from each other as they should cooperate to enable the functioning of international companies into a friendly environment necessary for their growth, Moussa told the Cairo Forum for Cooperation and Development.

The forum is held under the title: "Partnership and Cooperation for the Sake of Development...The Role of International Companies.

"The Egyptian government is working on providing the suitable climate for such partnership out of keenness to cooperate with all parties in a bid to create better environment for attaining our goals," he said.

"We need to push the Egyptian exports into this suitable environment and adopt the international standards of products in Egypt," Moussa said, adding that the Government has a role to make such environment a reality.

"We are all partners in one future and there should be good policies that take into consideration the needs of the people," he pointed out.

Moussa affirmed that the social responsibility should not be at the expense of the people as there should be an intertwined vision for socioeconomic aspects.

The top diplomat welcomed the former US Secretary of State James Baker and praised his important role and expertise when he had been a chief of the White House's workers, a Secretary of Treasury and a Secretary of State.

"We, in the Middle East and Egypt, remember his pivotal role in peace talks and in Madrid conference for peace as he showed much readiness to interfere to come to decisive decisions on some issues in spite of the pressure he was subjected to," Moussa said.

Moussa, finally, called on all peace partners in the Middle East to shoulder their responsibilities and not to miss the chance available now to clinch an agreement.

Baker, who is currently the head of James Baker Institute in Houston, hailed President Mubarak's efforts to push peace ahead.

"Nothing would have seen the light in the peace march had it not for President Mubarak and his aides," he said.

Baker assured that peace will go ahead in the presence of persons like President Mubarak and his Foreign Minister Amr Moussa.

Afterwards, Baker tackled issues related to the market, the international companies, and their relationship with governments.

He said the Cairo forum is an opportunity to know more about such companies, how they could work under the new World Order and how the government could create an auxiliary climate for the private sector.

Baker supported working under a free economy system because the open market stresses the importance of the private sector and the necessity of not ignoring its role.

The former Secretary of State said that one cannot deny the existence of socialist trend, but he warned of their perils.

According to Baker, he said that there were common mistakes that led to the East Asian economic crisis during the past years. These mistakes were committed by the three forces that controlled the economy in such states; namely the brokers, the businessmen and the bankers besides the corruption.

Moreover, the East Asian states lacked transparency unwarrantably.

"No one could know if there is a new coming crisis or not, but under all circumstances, that should be taken into consideration," he said.

Baker urged the developing countries to understand the current banking system and the necessity for its safety.

On the Egyptian economic situation, Baker praised the achievements that have already been secured over the past 15 years, describing the changed scene in Egypt as wonderful.

He assured the necessity that all governments and businessmen work hand in hand because there is a dire need to back the economic reforms underway and the government policy transparency. He called for furnishing the economic arena with new laws to give the companies their confidence they need to strike commercial deals.

Baker also referred to the importance of implementing a system for trading in shares in a fair and secure manner away from bribery.

Previous Stories:
  Egyptian - Saudi free trade signing in Riyadh next month   (9/26/2000)
  Special regulation on economic zone to be issued   (9/25/2000)
  Partnership with Europe ushers in economic liberalization   (9/23/2000)

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