Mubarak to Al Ahram: Government to take specific steps to encourage investment
Egypt, Economics, 7/13/2002

In the second part of the interview he granted to Ibrahim Nafe'i, the Editor of Al Ahram, President Mubarak uncovered the new steps taken by the government for reactivating market, pushing forward the movement of building and development in the state production and services sectors with the aim of raising living standards.

The President asserted that faithfulness and frankness are the main pillars of his policy since he assumed office.

Speaking of recovery witnessed by the market, the President said figures show that the volume of liquidity rose from L.E. 28 billion to L.E. 340 billion this year adding a big leap has been achieved in cement sales.

The President said that the volume of credit also jumped to L.E. 352 billion adding that the sales of spinning and weaving also rose to L.E. 1414 million.

The President called on businessmen to play a more effective role in developing the national economy urging businessmen to be move export oriented.

The President said he always follows up the steps taken to develop the new economic zones and performance of the bodies in charge of attracting investment.

The President said he gave directives to the government to improve performance of economic zones, referring to the steps taken by the government for encouraging investors. He called for modernizing customs and tax departments.

He expressed hope that next year would witness much improvements in the field of customs.

He called on the government to develop foreign exchange market and focus on flexible prices.

The President said the banking sector should restrict its credits to serious businessmen adding he was always ready to solve problems facing investors.

He said efforts are underway for establishing special courts for settling disputes in the field of investment without delay.

Referring to the formation of the Egyptian-US Presidents council the President said the Egyptian side to this council would include figures with much experience in dealing with the United States.

On the development of the National Democratic Party (NDP), President Mubarak said there is no substitute because this development was inevitable since he believed that political life should be built on a sound democracy.

Addressing officials in charge of NDP development, the president said their aim should not be restricted to winning new elections but the formation of cadres and providing an opportunity for youth and women in future.

Mubarak lashed out at performance of some political parties, saying malpractice undermined youth confidence.

The president called on all parties to develop their performance, saying his call found response on the part of some historical parties which have already started to upgrade their structures.

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