Egypt and the European Union recently signed an economic partnership agreement following prolonged negotiations over the past few years, reports Al-Hayat daily.
Under the agreement, Egypt will execute various social and economic reform programs, which, amongst other things, would signal a green light for foreigners looking to investment opportunities in the country.
Although Egypt has recently seen partial economic amelioration, foreign investments in the country have continued to fall with each passing year. In 1997, investments stood at 180 million Euros ($152.5 million), and dropped to Euro 128 million in 1998, and to a mere Euro 94 million in 1999.
The European Commission has reported that the accord marks a new era for Egyptian-European partnership, initially devised in Barcelona six years ago. —(MENA Report)
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