Egypt's economic climate optimistic
Egypt, Economics, 10/17/2001

Egyptian Prime minister Atef Ebeid told yesterday the investors and exporters of al Salhia city that the current Egyptian economic condition is optimistic and the government is planning to face the foreign challenges cropped up following the recent incidents in the USA.

The cabinet had held three meetings to discuss encouraging investments and facilitating administrative measures to set up investment projects.

The prime minister said that the government is capable of drawing up plans and attracting investors and providing all facilities to push forward investments and encourage the flow of local and foreign investments.

Ebeid said that investors at new Salhia presented a very limited number of problems and this reflected the determination of investors to realize success and increase the number of factories and projects and provide new job opportunities for young graduates.

The prime minister said he was optimistic about the possibility of increasing the volume of Egyptian exports and their ability to compete on world markets.

Ebeid held a dialogue with the investors of new salhia and listened to their wishes to expand production and exports.

The prime minister asked investors to improve transport to carry agricultural and industrial products to markets.

The investors said they wanted refrigerators ana cc1u storage facilities to store agricultural products for export.

Economy's good performance in many sectors:

Egyptian economy is sound and in good shape, the prime minister said. He pointed out that tourism has realized an 18 per cent growth in the present year before the September 11 events; the communications sector 21 per cent and the agricultural sector realized a high unprecedented growth.

Bank deposits amounted to 315 billion pounds and loans 250 billion pounds. This reflects active investment in Egypt and confidence in the banking sector.

The prime minister said there was an increase in services in the various fields.

As an example, he said that 800,000 new telephone lines were installed last year and 2 million telephone lines more are being offered.

There were many oil and natural gas discoveries and in the field of metal resources which will be announced shortly. They are all promising, giving cause to optimism, the prime minister said.

Previous Stories:
  Gov't to cancel clothes import barriers, impose highest customs duties   (10/16/2001)
  Mubarak meets Mayor of London on British investments   (10/15/2001)
  Ebeid: conditions in banking systems stable   (10/11/2001)

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