Ebeid opens Egyptian-Japanese Business Council
Egypt-Japan, Economics, 11/22/1999

Prime Minister Atef Ebeid on Sunday voiced his total confidence in the future of the Egyptian economy, saying its success received the attestment of the various international financial institutions.

"Egypt has managed to reduce the budget deficit to less than one percent of the gross domestic product, the lowest rate in 50 years, and paved the road to the private sector to assume the key role in the development process," Ebeid said in the opening of the Egyptian-Japanese Business Council in Cairo.

The Council holds its first session in the Egyptian capital after it was re-formed during President Hosni Mubarak's visit to Japan in April.

"Egypt has reached a 6 percent growth rate this year, and the target is to reach 7 percent next year and 8 percent with the beginning of the next century, with a free economy and global trust in the Egyptian economy," Ebeid said.

"Stability is returning matters to normal in the currency market, after witnessing recent turbulences," he added.

"For the first time in its history, Egypt will begin to export liquid gas and the new discoveries along the north coast will be announced soon," he said.

"The new discoveries will cover Egypt's needs for the next 35" years, Ebeid added.

"The Egyptian government will exert intensive efforts in the next phase to modernize the banking system to encourage national economic resources and increase dependence on the private sector to invest in the spheres of infrastructure and basic services," Ebeid told the Business Council.

"Two years ago the government halted investments in the energy and electricity spheres, only depending on private investments," he said.

"The government is committed to the full support of the private sector and to the application of policies and programs that help create the proper atmosphere for greater Arab and foreign investments, to continue with structural economic reform system and the promotion of Mideast peace," he added.

"Egypt has a lot to offer to Japanese investors, especially with its market growing at a great speed," Ebeid said.

He called on Japanese investors to capitalize on Egypt's strategic geographic location and to contribute to the major projects, namely the free zone north of the Gulf of Suez.

He also urged them to benefit from the low-cost natural and human resources in Egypt in the various spheres and to cooperate in the modernization of the agricultural, industrial and services infrastructure.

"Egypt seeks to build an economy that rests on technology and market mechanism and to raise the living standards of its people," Ebeid said.

He thanked Japan for its contributions to the major projects in Egypt, such as the development of the Suez Canal in the 70's and the construction of the Opera House and the children's hospital.

Japan is currently participating in the construction of the Ferdan Bridge over the Suez Canal.

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