WB official urges Egypt to open markets

A World Bank (WB) official praised Egypt's economic growth, urging the government to drop its protective trade barriers to better face the challenges of globalisation.

Addressing an economic seminar in Cairo yesterday, WB resident representative in Cairo Mahmoud Ayoub noted that Egypt's economy had recorded growth across its sectors and inflation rates were in retreat.

He urged Egypt and other developing countries to abolish customs tariffs and other protective trade measures, adding that this would greatly contribute to global economic stability.

Ahmed Goweili, secretary-general of the Arab Council for Economic and Social Unity, called on Arab countries to work harder to improve the regional investment climate and boost the flow of direct foreign investments. He also called on governments to fight rising unemployment figures.