Mubarak discuss economic policy, opens new facilities in South Egypt
Egyptian President Hosni Mubarak yesterday said that his recent three-leg Asian tour had yielded a host of joint schemes and that more "important" results would unfold in the near future, an official statement said.
"This tour came in favourable circumstances because we have a good name and huge projects," Mubarak told a rally in the south Egyptian town of Assiut. Mubarak last month made a high-profile tour of China, South Korea and Japan. Promoting economic relations with these countries featured high in MubarakÌs talks with senior Asian officials.
Egypt is joining hands with China in building a large industrial free zone in the Gulf of Suez. He described the trip as successful, saying it led to the conclusion of a set of cooperation agreements. "The focus of all our efforts is to create more jobs for people. Any economic progress provides Egyptians with more job opportunities," Mubarak told the rally.
President Mubarak answered questions from the audience on the Arab scene and Egypt's stands on different international issues. He also reiterated the importance of creating an Arab common market. The Egyptian leader is a fervent advocate of the long-sought-after market.
"The European market has come into being while the Arab market hasn't. The international economic blocs are dealing with Arab countries as single states. This will spell (unfavorable) consequences. No country, whatever its economy may be, will be able to hold out on its own," he said.
He reaffirmed that the establishment of the Arab common market is for the good of all Arabs, elaborating that Arab production fulfills 70 to 80 per cent of the Arab world's needs. Egypt has embarked on setting up free zones with a number of Arab states. "This can serve as the groundwork of this market."
Mubarak highlighted the interest of his government in developing south Egypt so as to make up for long years of neglect suffered by this part of the country in the past. In this regard, he cited a series of industrial estates, new communities and infrastructure facilities which have been built in south Egypt. He opened earlier in the day a bridge across the Nile, an LE45 billion, electricity plant and a military indoor sport court.
"Now we are using the B.O.T system in setting up power station in view of the rising prices of electricity," said Mubarak, who put at around LE45 billion, the total money spent on this sector.
Mubarak told the rally, attended by senior officials, MPs and young people about Egypt's approach to the dumping rows raised by some European countries. In this respect, he cited an anti-dumping law approved by Egyptian parliament. "We are committed to international agreements, bearing in mind what serves our national interests," Information Minister Safwat Al Sherif quoted Mubarak as telling the gathering that lasted more than one hour. "We have to adjust our economic policies to be in line with our interests and to keep our economy in shape and provides it with resources."