Egypt’s Ministry of Commerce and External affairs has urged the government to adopt intensive measures to attract Arab and foreign investment, and to inform Arab businessmen about investment opportunities, reported the official Kuwaiti news agency, KUNA, on Saturday.
The ministry asserted the necessity of working for the creation of an Arab financial market to attract Arab capitals from European and American banks, estimated at $670 billion, for investment in economic development plans in the Arab states.
The establishment of such a financial market warrants a monetary market to secure liquid assets for short periods, such as bonds, in addition to the capital's market for long-term loans, according to the report, cited by KUNA.
The ministry advocated luring financial and technological resources from newly industrialized Asian states, with consideration to the fact that the transfer of technology from such countries is less costly than transfers of European technology.
The ministry called for securing necessary insurance for Arab and foreign investors, namely the adoption of a stable investment policy, tax and financial legislations, and laws for the protection of inventions.
Egypt should seek integration with the world economy and reform the educational system to secure highly-skilled human resources capable of dealing with modern technology, said the ministry.
The ministry's official report advised speeding up privatization programs, boosting exports, developing free trade zones, and developing the financial market by encouraging establishment of foreign funds for purchases of bonds and stocks, in addition to registering some Egyptian shares in the international bourses, said KUNA – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
