Economic program to increase exports by 30%

The ministerial economic group, under Prime Minister Dr. Atef Ebeid presented yesterday a report on the government's economic policies, mainly featuring the approval of a program to increase exports by 30% a year,thus raising annual revenues to $ 1.2 billion.

"This program includes textile industry, agricultural products, marble, granite, medical drugs and petrochemicals," Minister of Economy and Foreign Trade Youssef Boutros Ghali said.

The Minister added this program aimed at increasing foreign investments to $ 6 billion within 2-3 years. The report presented by Atef Ebeid showed a clear improvement in the balance of payments due to an increase in foreign currency receipts uses.

"Egypt's investment climate is improving and the rate of foreign investments in the country is on the rise; direct foreign investment went up by $ 400 million in the year 2000 to a total of $ 1.5 billion," the Minister expounded. Moreover, Egypt's rate of growth and privatization program led to that increase in investments especially in both tourism and communication sectors.

The 3-hour ministerial meeting also discussed ways of eliminating obstacles impeding the promotion of exports especially in clothes, textiles and natural fibers.