Minister of Investment: 4,5% Growth Rates Targeted Within 2012-2013

Egypt’s Minister of Investment, during the annual conference of Belton Financial, said the current government aims at achieving growth rates with 4,5% , total  EGP 4 investments in 2012-2013.

Saleh added that the government is committed to all the economic reforms to achieve the free economy concept. This would be through committing to all the economic agreements and the contracts that it the former government had signed. He assured that the investment rate during the last seven years reached 60% of total investments, but we aims at increasing the rate in the coming period.

The government is targets setting many reform procedures that support the low-income, such like raising the pensions, decreasing the banking interests of the farmers’ debts, and the support which will be provided to Egypt by several Arab and foreign countries, in addition to the negotiations with the International Monetary Fund (IMF). All these indicators are clear for revitalizing the national economy.

The minister elaborated that the tourism, mining, information system and communications sectors are the most eminent sectors that attract foreign investments.

The government seeks to spend EGP 4 billion on building schools, recycling the wastes, and the railway investments, in addition to resume working on constructing the two biggest national projects representing in the Suez Canal passageway by which the government will achieve economic development and provide as to 20 thousand job opportunities.

The current government is establishing the industrial zone project in North Port Said on an area of 40 thousand acres that regard the chemical and medicine industries, glass, and building materials industries, the Suez Canal passageway, as well the passage of Upper Egypt in Safaga to connect Suhage, Qena and Red Sea through an industrial zone; assuring that Egypt has heft investments and human resources.

He added that the budget deficit is one of the crucial issues that we seek to eliminate in the coming period