Egypt’s Minister of Trade and Economy, Yousif Boutrus Rali, recently announced that European investors are awaiting the singing of the Egyptian-European partnership agreement in order to begin investing in Egypt.
The anticipated agreement is expected to revive European investments in the country, as well as raise employment levels.
Foreign investments in Egypt have drastically fallen in the past few years. In 1997, foreign investments reached 180 million Egyptian pounds ($152.5 million), representing a EP 128 million drop in comparison to 1998. In 1999 it fell even further, to approximately EP 94 million.
Despite the decreased foreign capital, the nation’s economy continues to grow.
Under the anticipated European agreement, Egypt will be required to implement certain social and economic reform programs. The reforms, coupled with continued political and economic stability, are expected to usher in a new era of investment opportunities for foreigners. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
