Egyptian Businessmen expound Investment opportunities in Egypt

The Egyptian Ministers of Economy and Information Technology held a meeting with representatives of the American Chamber of Commerce Tuesday night in Washington.

It was held following President Hosni Mubarak's meeting with the representatives of the American Chamber. Dr. Youssef Boutrous Ghali and Ahmed Nazif gave a detailed presentation to this gathering of American businessmen and investors on the position of Economy and Information Technology (IT) in Egypt and opportunities of investment available in both domains.

At the outset of the meeting, Ghali spoke about opportunities available for setting up investment projects by the private sector in Egypt.

He pointed out that the private sector is currently running 77 per cent of the economy's activities.

Ghali said that the development of the Gross National Product (GNP) is estimated at present at five per cent hoping that it would increase to reach seven percent within five years. He added that inflation dropped to 2.3 per cent.

"The Egyptian government has taken many measures to facilitate investment and there is no restriction on investment in any sector," he said.

On investment statistics in Egypt, he said that LE 72 billion has been invested over the past twenty years in infrastructure projects.

"Egypt is member of many Arab and European Organizations and has signed Free Trade Agreements with a number of European states, a matter that would help activities of investors having projects in Egypt," he added.

Minister of Communication and Information Technology Nazif said that the door is open for foreign investments in IT domain.

He spoke of plans for training human cadres in Egypt in cooperation with world companies in IT field.

More than 5,500 graduates had training programs this year financed by the government and carried out by foreign companies.

He also spoke about "IT clubs" for being among technological activities and which have been all over the Egyptian cities and towns.

He referred to the project of "smart villages" in Egypt that falls within an advanced technology project.

"Due to success made by Egypt in communications field, some world firms have decided to set up projects in the Sixth of October City," he said.

Egypt intends to establish a third mobile phones firm by July, he added.

He said the two Ministers also answered some questions by a number of American businessmen and investors attending the gathering on economic and technological fields in Egypt.