Ghali: Egypt is one of the most attractive rising markets
Egypt, Economics, 9/16/1999

Minister of Economy Botrous Ghali opened Tuesday a three-day economic conference organized by the Euromoney Institution in coordination with Egypt's economic forum under the rubrics "Emerging Arab Economies and the Entry into the 21st Century."

The conference is attended by over 1000 key figures including Egyptian and Arab ministers, several economists, businessmen, bankers, and Gamal Mubarak, members of the Egyptian Center for Economic Studies.

The conference will also deal with international challenges confronting the Arab countries and Arab foreign trade development and plans for attracting foreign investments into the Arab world.

Ghali said that Egypt has a balanced and stable economy as the budget deficit range within one percent. Inflation dropped to less than three percent, while the growth rate averaged more than six percent.

Ghali said that investors and foreign international organizations were impressed by the achievements of Egyptís economic reform program. Thus, Egypt has become one of the most attractive fast growing emerging markets for investment with huge future potentials.

The country is now ready to enter the new millennium reinforced with balanced legislative structures. Egypt must contribute effectively in the global economy and should not be satisfied with a marginal role, as the world is being re-shaped.

Foreign Minister, Amr Moussa said in the conference that the success of regional peace process is to inspire the mutual trust needed for boosting regional economic cooperation.     "President Hosni Mubarak has given priority to the establishment of an Arab common market on the Egyptian agenda," Moussa said.

Moussa expressed Egypt's conviction that the success of the peace process relied largely on realizing peace in the region which was established in accordance with the Madrid formula of land-for-peace.

Gamal Mubarak, member of the Egyptian Center for Economic Studies stressed on the importance of a strong Arab bloc to face global challenges and merge with the world economy.

He added that Egypt is now reaping the fruits of economic reform which began in 1991, as the balance of trade is stable, inflation rate is low.

Although Egypt has passed through a long and arduous road of reform and achievements "we still have many challenges that must be confronted by the development of human resources. Structural reform must be undertaken in a state that has throughout history lived under a central government", Gamal Mubarak said.

Minister of Public Enterprises Dr. Atef Ebeid said that Egypt accelerated the privatization program and the government's privatization policy was now "more confident, more knowledgeable and more realistic." Ebeid said that Egypt has encouraged foreign companies to use the build-operate-transfer formula to invest in airports, roads, gas installations and other new projects. "We hope investors to know that Egypt has a stable strong regime,unique geographical location, reliable infrastructure, plentiful cheap labour and a growing local market", Ebeid said.

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