James Muran: EU Eyes Trade Exchange Boost With Egypt Despite Eurozone Crisis

H.E. James Moran, Ambassador of the European Union to Egypt, said the eurozone crisis has not prevent the EU from increasing its trade exchange rate with Egypt stressing that it would lead to mutual benefit for both EU and Egyptian investors.

He further added that there are current concerns over the eurozone crisis which drive the EU to extend its relations with Egypt moving to next phase which is based on boosting the trade exchange rates. Egypt is moving towards more stability, the head of the state has been elected and a new government has been formed, he said. No one shall disregard Egypt’s capabilities.

He stated that Egypt enjoys relative stability comparing to its neighboring countries as the Egyptian revolution represents a golden opportunity for enhancing the mutual trade exchange. There are various fields so as to extend means of cooperation among the EU countries and Egypt.

Moran noted that while the Egyptian government suffers from budget deficit, the volume of trade exchange hit in $10 billion in 2004. This gives reason for optimism about witnessing a potential cooperation between the EU and Egypt’s current government and about getting higher trade exchange rates.

On the other hand, Moran said Egypt lacks some key issues regarding the public money management but still he believes that the country is able to get through its current pitfalls. We have to await and see until the transitional period is passed before starting to judge the general atmosphere in the country.