"The political-economic reform is an indispensable option, and it helped up the volume of foreign direct investments (FDIs) to $ 14 billion during the first half of 2008," Minister of Trade and Industry Rasheed Mohamed Rasheed said in a meeting with a delegation of the British House of Commons' Friends of Egypt group.
"The reform has brought about large increase in Egyptian exports, industrial development and the Egyptian economy, merging into the global economy," added Rasheed.
The Minister, reviewing Egypt's economic reform plan launched by the Egyptian government, pointed out that lowering taxes and customs tariffs and restructuring banks to facilitate project financing have helped increase the industrial growth rate from 3.3% in 2003 to 11.3% during the first half of 2008, expected to reach 12% by the end of this year.
The Minister also referred to favorable opportunities of foreign investments in Upper Egypt, an emerging area that lures several attractions.
Source: Egypt State of Information Wednesday, Septemper 17, 2008
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