Global Arab Network | Egypt one of the world's promising economies

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Egypt one of the world's promising economies

Global Arab Network - - Gamal Ragay

Tuesday, 17 May 2011 16:49

Egypt one of the world's promising economies

Global Arab Network - The Egyptian economy is projected to be one of the world's promising economies in the coming five years, but first it has to overcome the repercussions of the current phase, especially civil servant demonstrations.

Addressing a conference organized by the Arab British Chamber of Commerce, Finance Minister Samir Radwan said a large number of Arab investors are willing to come to Egypt.

The Qatari Amir has expressed desire to establish the largest port in the world in the Egyptian city of Alexandria, Radwan said. Civil servant protests have widened the deficit in the state budget, raising it to nearly 9 percent of the gross domestic product, he said.

Foreign direct investments in Egypt reached a record figure of USD 13 billion annually, but they plunged dramatically after the revolution of January 25 and the civil servant demos that followed, the minister said.

Speaking about a minimum figure for wages, Minister Radwan said the issue is still under review as well as the state budget for FY 2011/2012.

Egypt’s Minister of Planning and International Cooperation, Fayza Abul Naga said that the Egyptian government is seeking to open the door for investment and attract giant commercial and economic projects from the Gulf states.

Abul Naga noted that there is a package of incentives and major investment opportunities in Egypt scheduled to be offered by the government, encouraging more businessmen to operate in Egypt.

The minister stressed that many Arab investors and officials were informed of the investment climate and opportunities in Egypt, saying that all obstacles and barriers that may face investors in Egypt shall be removed.

Exports up by 7.6% in FY Q2

Total exports in the second quarter of the FY 2010/2011 rose 7.6 per cent or by USD 463.8 million to reach USD 6.565 billion compared to USD 6.102 billion in the first quarter.

A monthly report by the Central Bank of Egypt (CBE) said rice, fertilizers, garments and cotton textiles led exports in the second quarter (Oct/Dec) to hit USD 2.9 billion against USD 2.5 billion in the first quarter.

Crude oil exports dropped by 23.3 per cent to USD 974 million against USD 1.2 billion in the first quarter, while oil by-products increased to USD 1.6 billion against USD 1.5 billion in the first quarter.

Imports rose in the second quarter of the fiscal year to USD 13.257 billion against USD 12.723 billion in the first quarter, the report said.

Global Arab Network

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