Political, security stability bases of investment
Egypt, Economics, 7/26/2001

Egyptian Prime Minister Atef Ebeid said that stability of the exchange rate is not the only criteria in the decision of investor.

The main criteria that govern investors continuing their projects are political and security stability and constant policies adopted by the state that protects investors from sudden shakes.

In statements to Cairo Arabic weekly "AL Mosawar," to be published in its issue of July 27, Ebeid said that the exchange rate is not the governing element in the decision of an investor.

This is a problem that was common all over the world in the past three years.

Ebeid said that the government has received offers from advanced technology companies that expressed a wish to have activities in the Egyptian market.

These companies did not talk about the exchange rate or the interest rate. They asked to buy land at nominal price and wanted facilities of entry and exit in customs.

Ebeid said that the government has completed drafting a bill on the new investment areas and will submit it to the People's Assembly at its coming session.

The bill will provide all elements of attracting investments, as did China in new investment areas.

Ebeid said that there has been an increase in foreign currency as a result of an increase in the revenue of tourism and oil prices and a drop in imports that amounted to 3 billion US dollars.

"A problem faced by the government is that individuals keep dollars. The challenge is to restore confidence of the public and assure them that the dollar is available at all time," Atef Ebeid said.

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