Ebeid: Egypt, capable of facing 21st century challenges

"Egypt's economy is to be totally modernized to merger into world economy," said Prime Minister Atef Ebeid yesterday, stressing Egypt's ability to face the 21st century challenges and the globalization requirements.

Addressing the Egyptian-Japanese business council, Ebeid said, "Egypt has capabilities that qualify it to achieve its future ambitious plans thanks to its distinguished geographic location, stable economy, excellent investment climate and huge tourism potentials." He added Egypt has managed over the past few years to achieve high growth rates that surmounted 5 per cent of the gross domestic product. Ebeid referred to the positive effects the Egyptian-EU partnership agreement is expected to bring, expressing confidence that the Egyptian economy can meet the obligations the agreement requires.

"The government will face within the coming period two main challenges; merging into the global economy in a quick and effective way and channeling the state resources towards developing human force, raising employment rates and setting up more small-scale projects to create more jobs to the young people," Ebeid said.

He urged the private sector to enhance its cooperation with the giant world institutions in the various fields in order to help transfer the advanced technology.

"Egypt is seriously moving towards luring more world investments through modernizing the legislation that opens the door for investors to achieve the biggest amount of profits," Ebeid said.