Egypt’s National Democratic Party approved an extensive economic and political reform package on Sunday, September 28, 2003, addressing foreign investment and privatization.
The reforms, strongly supported by President Hosni Mubarak’s son Gamal Mubarak, include democratization, accelerating privatization and encouraging investment, improving public transportation and addressing the status of women and human rights in Egypt, reported AP.
“The real criteria for our success is in implementing what we have agreed upon. Implementation is a decisive factor which will support our credibility in this society,'' said the senior Mubarak after voting at the party's three-day annual convention.
Gamal Mubarak has been at the center of Egyptian politics since his father designated him as the leader of an influential policymaking body last year. Many saw the convention as a means for the young leader to seal his fate as the country’s next President.
Structural reforms in Egypt been carried out at a slow pace. Despite efforts to revitalize the privatization of joint venture companies and banks, the process has been lengthy. According to Standard and Poor (S&P)’s, this sluggish pace and lack of involvement of the private sector is expected to lead to moderate gross domestic product (GDP) growth of 2.4 to four percent in the near term.
One of every five Egyptian households currently live in poverty. This indicates that the country's development successes over the past 40 years have not overcome deficits and disparities, reported the United Nations Development Program (UNDP). — (menareport.com)
© 2003 Mena Report (www.menareport.com)
