Egypt's economic growth rate exceeds 6% annually
Egypt, Economics, 9/28/2000

Egypt's Prime Minister Atef Ebeid said that the future of the Egyptian economy is promising. He expects that the economic growth rate will exceed 6% and this figure would be maintained for many years to come. "Egypt is seeking to boost domestic market and to enter the international market strongly" he added.

Addressing Cairo development gathering, sponsored by Al-Ahram Establishment,Prime Minister hoped for a big increase of Egypt's foreign exchange reserve due to the capitalizing on the new gas and oil discoveries.

"The Egyptian economy is enjoying remarkable stability after 50% of Egypt's debts have been dropped thanks to President Mubarak's efforts and his distinctive international relations" noted Ebeid.

He said this did not mean that we should not borrow, but rather meant that loans should be accurately considered as well as being investment-oriented.

"Guidelines have been drawn up for Egypt to get loans in a secured way in the future," explained Ebeid. He also stressed the importance of attracting direct investments from abroad.

Ebeid said that campaigns against businessmen will negatively affect economic growth rates. "We should not generalize ill performance of some businessmen as a phenomenon that troubles the economic climate" he added. Addressing businessmen Ebeid said the more they act properly, the more they would benefit.

Ebeid also said that the government gives priority to the issue of education as it constitutes the basis of human development. ìwe are keen on developing curricula and providing high-quality education for the poor in the various walks of life.î he added.

Touching on the entring the world market, Ebeid stressed that Egyptian products are good and have competitive prices, calling for developing employees training and all systems whether they are governmental or non governmental.

He said that Euro-Egyptian partnership is based on integration and elimination of obstacles facing world trade.

Ebeid said that European Union products entering its markets should have high level specifications. "The only way to stand this challenge is to improve the quality of our products and to develop techniques of work and production" he elaborated.

"Egypt has 16 years period of grace to achieve this with European Union. Egypt has managed to penetrate the world market in the field of foodstuff and ceramics" he noted. He added that Egypt is attempting to have the lead in the cement market.

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