Egypt’s ministry of economy and foreign trade is to establish a new Internet site to offer investors and businessmen adequate information on the Egyptian economy, thereby promoting investment opportunities in the country, reported the Egyptian Gazette on Friday.
Economists and businessmen agree that the proposed site will boost local investments.
They said that the site is a ”step in the right direction for coping with technological developments on the world level.”
First Undersecretary of the Ministry of Supply and Home Trade, el-Sayed Abul Komsan, said that the site will provide details about economic conditions in Egypt and the companies working in the country which are most likely to attract foreign investors.
"Egypt, like many other emerging markets, is doing its best to modernize its economy by offering the necessary information to both local and foreign investors," he said, expressing his hope that the new site will also encourage expatriate Egyptians to invest back home.
Deputy head of the Investors Section at the Federation of Egyptian Chambers of Commerce, Adel el-Izabi, described the proposed site as a positive contribution to the investment climate, the paper quoted him as telling a business daily.
"The proposed site will cut through the bureaucracy which is rife in almost all official bodies especially those related to investment. It will also offer up-to-date information," el-Izabi said, stressing the importance of providing adequate training for the personnel who will be running the website.
