Egyptian economy on sound track
Egypt-Regional, Economics, 9/12/2001

"Egypt's economic performance is now showing many positive' signs, including a growth rate close to 5 per cent and a decline of inflation rate to 2.5 per cent, " Premier Atef Ebeid said.

Addressing the opening session of the Arab financial forum sponsored by the Euro money institution, Ebeid said the Egyptian government is keen on enhancing community and the government.

Referring to achievements fulfilled by the Egyptian economy so far, Ebeid said the Egyptian government succeeded in adopting a realistic transparent market regarding the exchange rate policy, starting up its modernization program for the banking system and strengthening the role of the central bank.

The Premier also referred to the successful international dollar bonds issued a few months ago which confirmed Egypt' strong external balance and the continuation of the fiscal reforms.

"Potential investments are expected during the year 2001/2002 and positive growth will continue at the rate off 5 percent," he added.

"Egypt was also able to sign several agreements to sell: natural gas to neighboring countries," he said.

Ebeid added that the government's policies aim at raising the Egyptian family's income and providing job opportunities.

"The volume of trade exchange has been increasing with most of the Arab countries," Ebeid said.

"However, further challenges are greater and we have to move faster from convictions to action from words to deeds" according to Ebeid.

Presenting several proposals to develop a common market in the Arab world Ebeid called for the incorporation of trading companies in the region.

Traders are the ones who are capable to identify trading opportunities, Ebeid added.

"Egyptian businessmen are ready to establish trading houses" he said.

Ebeid urged the need to facilitate the movement of goods and services through building of roads, parts, and airports to connect the different parts of the Arab world.

He also invited each Arab country to prepare its national plan for enhancing connection with neighbouring countries.

Ebeid proposed to enhance long-term regional cooperation in three areas: food production, infrastructure and financia1 services.

Director of the Euro money institution Richard Ensor hailed the recent government's measures taken to set a new exchange system that will help lure more foreign investments into the country.

Ensor indicated that the conference would discuss means of luring foreign investments into the Arab money markets and increasing inter-Arab trade besides going ahead with the privatization program.

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