Global Arab Network | Egypt: Duty Free Markets Play Effective Role in Economic Development

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Egypt: Duty Free Markets Play Effective Role in Economic Development

Global Arab Network - - Gamal Ragay

Monday, 29 November 2010 16:01

Egypt - Duty free markets in Egypt play an effective role in pushing forward the economic development process and are one of the most important projects with high economic return, Global Arab Network reports according to the Egyptian Industry and Trade Minister and Acting Investment Minister Rachid Mohamed Rachid.

A number of ministries are implementing several plans and strategies to increase added value at duty free markets in order to develop and diversify the services offered to a large segment of customers, Rachid said addressing the opening of the Middle East Duty Free Conference (MEDFA 2010).

Egypt has posted impressive economic and tourism growth in recent years, and now represents the second biggest Middle East duty free and travel retail market, behind the UAE.

It will be the subject of a detailed panel discussion on the first day of the conference. Key Egyptian stakeholders, including airports and retailers, will look at new retail concepts, new terminal developments and special initiatives by retailers and suppliers in Egypt in recent months.

This year’s MEDFA Conference, themed Reality and Opportunity, promises an informative and open exchange about the present and future of the Middle East duty free and travel retail industry.

On the other hand, Egyptian Prime Minister Ahmed Nazif in his meeting Sunday with Eng. Rasheed Mohamed Rasheed Industry and Trade Minister reviewed means of encouraging investments and the ways of attracting investments for giving a push to the development process and the economic growth which government is aspiring as it is the only way to create more jobs for the youth.

Dr. Magdi Radi, spokesman for the cabinet, said discussion by Nazif and Rasheed dealt with means to develop policies for attracting more investments, stressing at the same time the stability Egypt is enjoying in economy and the guarantees for the right of investors and the need for more investments in non-traditional fields such as the infra-structure, services such as health, education and Urban planning.

Global Arab Network

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