Mubarak stressed that tourist income rises steadily
Egypt, Economics, 3/24/2001

In the second part of his interview with "A1 Ahram" which is devoted for current issues at the domestic level, President Mubarak said that the government will go ahead with its plan for reactivating economy. The President indicated that there was an improvement, which should be sustained.

The President stressed the importance of increasing exports which he described as a matter of life or death. The President said that increase of exports should be sustained through a programme that involves mobilizing efforts of the government, producers and exporters.

Mubarak referred to sustained increase in tourism adding the government intends to launch new projects in the field of economic infrastructure, economic zone and exchange market.

When the government of Prime Minister Atef Ebeid was formed, the President said, he assigned it with discussing the reasons of slowdown witnessed by the Egyptian market since 1998.

Mubarak stressed the importance of enhancing the Egyptian presence on foreign markets adding that he was following up the implementation of a plan for increasing exports of commodities and services.

He said that exports increased by LE 4.1 billion whereas imports declined by L.E 5,8 billion and trade deficit backtracked by L.E 9,9 billion.

Mubarak said that tourist income achieved a net increase one billion dollar in the first quarter of this year's budget. He said that he gave directives to the cabinet with the higher tourism council to meet periodically for eliminating any obstacles hindering the flow of tourists into Egypt.

He said that he would follow up the implementation of the government urgent plan for developing airports receiving tourists adding that Egypt plans to have 40 airports in the upcoming ten years for serving all tourist regions.

Mubarak said that he endorsed an executive programme for the establishment of those airports whose implementation would get a quicker pace.

Mubarak said that Egypt has a reserve of gas reaching 51 trillion cubic feet, one third of which will be exported through pipelines with Arab countries. He said a programme is currently underway for increasing oil-revenue.

On ways to enhance investment climate in Egypt, the President said that he gave directives for unifying bodies dealing with investors in order to eliminate their sufferings.

Mubarak said that he has stressed the importance of respect by investors for the rules regulating investment. The President said that economic zones bill would be referred to the People's Assembly next month, adding that under this bill authorization would be given for the establishment of various projects.

He said the government would shortly issue a number of important projects in order to increase domestic demand which is needed for reactivating the market, increasing exports and expending foreign market.

Mubarak said that those projects would include airports, roads, and building schools. He said that those projects would be carried out under B.O.T system, reiterating Egypt's keenness to maintain transparency in submitting investment rules to investors.

On current financial positions, and stabilizing exchange rate, the President stressed the importance of reconsidering banking credit, referring to flexibility to exchange rate.

Mubarak said that those who promote the idea of devaluing the Egyptian pound under a government decree should look upon what took place in some Asian countries.

On borrowing from abroad, the President said it should not exceed 1200 billion, or the sum, which is repaid annually of loans.

Previous Stories:
  A modernised Bourse in Egypt   (3/22/2001)
  Egypt, Germany sign agreement on debts settlement   (3/22/2001)
  Mubarak Egypt could find place on world markets   (3/22/2001)

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