Nazif: Rate of growth hits 4.8 percent in six months, 6 percent targeted
Egypt, Economics, 2/24/2005

Egypt's Prime Minister Ahmed Nazif said yesterday that the government exerts its efforts to raise the rate of growth to 6 per cent against 4.8 percent scored in the first half of fiscal year 2004/2005.

Nazif said the government is currently seeking to accelerate economic reform in order to overcome the current challenges and attract more global investment with the participation of the private sector.

Addressing the opening session of the Third Business Round- table conference between the government and businessmen, organized by the British Economist Institution, Nazif said government programmes aim at making the best use of material and human resources on the Egyptian market and providing favorable atmosphere for investment.

He pointed out that the government endeavors to encourage small enterprises through providing necessary funds, adding that such projects in various governorates have produced high-quality commodities that are now reaching out to foreign markets.

He asserted that the government seeks to attract foreign investment and transfer modern technology to the Egyptian market.

He reviewed the economic steps taken by the government over the past few months to promote the economic performance which, according to him, have yielded positive results, in terms of increasing trade exchange rates, promoting the local currency and increasing the amount of foreign currencies reserves at the Central Bank of Egypt.

Egypt's immense natural and human resources and its solid infrastructure enables it to realize its aspired for development and progress, he said, pointing out that the government is keen on creating more investment opportunities through offering more facilities to investors.

In commenting on the PM's statements, Mr Jean-Philippe Courtois, Senior Vice-President and Chief Executive Officer of Microsoft Europe, Middle East and Africa (EMEA), said that the Government cannot accomplish everything on its own.

Courtois stressed that it is the joint responsibility of the private sector, which should be participating with positive initiatives to push forward the national economy drive.

He also assured participants at the session that there is real cooperation between Microsoft and the Egyptian Government, with the purpose of strengthening the basic foundation of all sectors and boosting cooperation with the private sector.

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