Egyptian Economic Performance (16/08/2006)
 
Source: 
Published at:   16/08/2006
 
 
 
 


Egyptian Economic Performance

As part of Egyptian efforts to continue improving its economy and attract more foreign direct investments as well as open new horizons for economic cooperation with different countries, Egypt will host in the coming period a number of important economic conferences that further prove the determination of the Egyptian government and Egyptian business associations to transform the economy into becoming a major regional hub for attracting foreign direct investment (FDI).

The various events to be held in Egypt are as follows:

1-The hosting of the Euromoney conference in Cairo, on the 11th and 12th of September, with the participation of various international economic partners and multinational companies and firms. The business agenda for this conference includes discussions on the future plans for the reform of the Egyptian economy and the presentation of the various aspects of fiscal reform as well as plans for the restructuring and privatization and integration of national banks, in addition to the introduction of numerous investment opportunities that are available in the telecommunications and information technology sector. The conference will also discuss the future of the Egyptian energy sector in light of the ever-increasing importance Egypt amongst the major exporters of natural gas in the world.

2-The Roundtable on Energy will be held in Cairo next November in coordination with the International energy forum with the purpose of constructing a dialogue between the energy producing and consuming countries and OPEC. This roundtable is a result of the Egyptian Ministry of Petroleum’s initiative to achieve a sustained stability in the global oil prices.

 3-Egypt will also host the regional conference for the World Association of Investment Promotion Agencies (WAIPA) to be held in Sharm El Sheikh next November. 60 representatives from different authorities on investment promotion and 10 representatives from international organizations and multinational companies will attend the event. The conference will discuss various internationally applied methods of promoting investment as well as issues such as the creation of workshops for the service of investors, the one-stop-shop, various investment promotion methods and the validity and applicability of bilateral investment agreements.

In addition to the hosting of the conferences, a number of positive reports on the different improvement in the Egyptian economy have been published from various international financing bodies and credit rating agencies. These reports have categorically confirmed the improvement in the growth rate and the decline of the rate of inflation as well as the positive improvement in the balance of payments and the foreign reserves in Egypt. The reports have also expressed an increasing confidence in the direction and depth of the economic reforms undertaken by the Egyptian government, specifically concerning the reform of the banking sector, the execution of the privatization plan, the restructuring of the tax and customs law and finally the recent significant improvements in the investment climate.