Egypt’s Minister of Trade and Economy, Yousif Boutrus Ghali, recently stated that European investors have been awaiting the singing of the an Egyptian-EU partnership agreement in order to begin investing in the country.
High hopes have been pinned on the agreement, signed June 25, expected to revive European investments in the country, as well as raise employment figures.
Foreign investments to Egypt have been falling consistently over the past few years. In 1997, foreign investment stood at €180 million ($152.5 million), dropping to €128 million in 1998. In 1999 it fell even further, to about €94 million.
Despite this drop, however, the nation’s economy continues to grow. Under the anticipated European agreement, Egypt will be required to implement certain social and economic reform programs. Coupled with continued political and economic stability, such schemes are expected to open a new era of investment opportunities for foreigners. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
