Rasheed highlights economic stability, transparency to create investment, attracting climate
Egypt, Economics, 2/22/2005

Egypt's Minister of Foreign Trade and Industry Rasheed Mohamed Rasheed said that the government is keen to provide economic stability and transparency to create an investment and attracting climate.

Egypt is starting to attract more capital, thanks to a set of key political and economic reforms and changes, which the new government has adopted;

ÊÊÊ Rasheed told an international economic forum held in Jeddah yesterday.

One of the most important reforms is the integration of the Ministries of Industry and Foreign Trade into one entity in order to create a comprehensive industrial and export-oriented base, ensuring the production of high-quality goods that can compete in overseas markets, Minister Rasheed said in his speech to the gathering.

Increasing exports is the main catalyst for economic growth and comprehensive development in Egypt, he told the participants at the event, held under the title "Building Capabilities and Manpower Development to Achieve Sustainable Growth."

The changes also include a comprehensive project for modernizing Egyptian industry, boosting small-sized production units and improving the overall quality of local products to compete with their foreign equivalents overseas, the Minister said.

"In order to attract more foreign and regional capital into Egypt, the government which offers a myriad of incentives for investors, is about to pass a new law for reducing taxes, he explained.

"Income tax will fall between 10 and 20 per cent and other taxes between 20 and 40 percent."

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