French companies raise investment in Egypt

A report released by the general authority' for investment and free zones (GAFI) said the total investments in Egypt worth l.e 126 billion until early 2001 including l.e 96 million for the Egyptian businessmen with a rate of 75%.

Saudi Arabia leads the Arab and foreign investing in Egypt as it has shares in 554 companies whose capital is l.e 15.741 billion. The kingdom contributes with l.e. 4.604 billion.

On the other hand, Britain tops the foreign countries with a contribution to 554 companies whose capital is l.e. 10.306 billion. Britain has shares worth l.e. 3.324 billion in these companies.

The USA comes second after Britain as it contributes to 246 companies whose total capital worth l.e 7.494 billion and it has shares worth l.e 2.41 billion.

On the other hand, chiefs of French companies operating in Egypt said the egyptian economy was robust, with a market considered one of the most attractive in the middle east for French and foreign investments.

The liquidity problem and foreign currency shortage in the egyptian market will come to a complete end by the second half of 2002, after signs of breakthrough in the crisis started to surface, they said at a symposium held late Monday at the French center for foreign trade.

They said their companies have decided to raise their investments in Egypt on the basis of research studies.

The symposium, held under the rubrics "Egypt 2001, a new push" ended with the signing of three aviation agreements between Egypt and France.