Egypt needs $5 billion-investment

"Egypt seeks to acquire between $4-5 billion in foreign investments per annum to achieve an annual growth rate of 7-8 per cent, up from the current five per cent," an official said.

President Hosni Mubarak has issued his directives to all related bodies to provide investors with all possible facilities to that end, the Chief of the General Authority for Investment and Free Zones (GAFI) Mohammed AL Ghamrawi said during a meeting he held with investors in Port Said City.The meeting was attended by the city's governor Mustafa kamal.

Exports of Egypt's General Free Zone accounted for $292 million last year, Ghamrawi said, adding that this year's indicators showed an increase in the figure.

The Ministerial Economic Group is currently discussing means to activate transit trade as it is a major source of, national revenues, according to GAFI Chief, who noted that Egypt was qualified to play a leading role in this kind of trade in the region, given its strategic location.

The Free Zone is considered an attraction for investment in advanced technology due to the exemptions, facilities and incentives its system offers.