Euromoney chief praises Egypt's economy

Euromoney Chief Richard Ensor expressed confidence in the future of the Egyptian economy and the wide vistas in store for investment and trade opportunities, noting the Egyptian economy succeeded in ending a period replete with pressures and tension.

Ensor hailed the measures taken recently by the government, namely altering the exchange rate, describing the decision as brave and completely right as it would help Egypt rid itself of a period of stagnation it has been going through just like many other emerging economies under world recession, especially in the United States and Japan.

In exclusive statements to MENA on the sidelines of the Arab financial forum organized by the international firm in Cairo for the sixth year running, Ensor said Thursday that the issue of upping Egyptian exports, particularly non-petroleum products, posed the key challenge for Egypt.

He stressed the necessity to alter the judicial system, launch a wide-scale tax and customs reform and upgrade the banking system.

Ensor urged speeding up privatization after availability of local and regional circumstances for this and reforming the banking sector.

The Egyptian stock exchange still enjoys great potentials for investment, said Ensor, adding that the slump in the volume and profits of foreign investments was taking place worldwide and that is why efforts should be doubled to attract more foreign investments and remove bureaucratic obstacles before them.