Egypt vows to renovate its economy

Egyptian Prime Minister Atef Ebeid has asserted his country's commitment to a just and comprehensive peace and to work for achieving it in the Middle East on all tracks, adding that a just and comprehensive peace is a strategic option for the Egyptian people and leadership.

In a speech he delivered on Tuesday in the meetings of the joint Egyptian- German business council, Ebeid said the Egyptian government is careful to maintain structural stability, pursue a policy of renovating the infrastructure, provide more incentives to investors and renovate the organizational and legislative structures of the Egyptian economy.

Ebeid indicated the priorities placed by the Egyptian government in its meeting, including the establishment of a more efficient and rapid system of taxation, backing democratic practices, activities of the parties and the freedom of the press.

He reiterated his country's welcome to foreign investors and providing of more privileges for encouraging them to invest in Egypt.