German report highlights improvement in Egypt's investment atmosphere
Egypt, Economics, 1/8/2005

A German press report highlighted Friday an increase in investment opportunities in Egypt under the newly-appointed Egyptian Cabinet under Prime Minister Ahmed Nazif.

The Cabinet, with Finance Minister Yousef Boutros Ghali, Industry and Foreign Trade Minister Rashid Mohamed Rashid and Investment Minister Mahmoud Mohyiddin, is trying to improve the legal frameworks for luring more investments, the report by the German Handelsblatt newspaper said Friday.

The new leaderships enjoy practical experiences and are working on rebuilding confidence in Egypt's economy to increase investments, it said.

For the first time, the Gross Domestic Product (GDP) in Egypt witnessed a 3.7 per cent growth, according to World Bank estimates.

The foreign currency crisis, which emerged in 1999/2000 and led to stagnation, was partially solved as the numbers of tourists, oil revenues and gas exports have since been increasing, the report said.

According to estimates by Germany's federal agency for foreign economies, growth rates in Egypt will reach three to five per cent in the coming few years.

As for the recent customs exemptions, some 80 per cent of industrial companies have benefited from the move which came as part of efforts to improve the legal frameworks of investments.

The report said that German investments and experts were optimistic about the future of investments in Egypt.

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