Minister of Commerce, Industry and Investment Mounir Fakhri Abdel Nour told the Swiss Egyptian Businessmen Association on Tuesday that the new administration has developed policies and ambitious targets to complete the economic incentive plan that began last November.
“The government doubled the incentive package for infrastructure projects and rail and metro lines to LE60 billion,” he said.
He added that the new policies aim to reduce the budget deficit from the 13.8 percent last fiscal year to 10 percent by the end of this fiscal year.
“We are investing LE291 billion in the 2013-2014 fiscal year, of which LE170 billion will come from the private sector,” he said, adding that the new policies would lower inflation to 7 percent and attain a growth rate of 3 percent.
“Despite the recent economic difficulties, consumers did not feel a shortage of products in the domestic market,” he said, noting that even exports were increased, which confirms the potential of the Egyptian economy.
He said the ministry strives to face the energy problem and works on restoring the confidence of Egyptian, Arab and foreign investors.
“We have allowed the import of coal to generate power for cement factories, which will save some 450 million cubic feet of natural gas per day,” he said. “And we are studying new incentives to encourage investment in the Egyptian market.”
Edited translation from Al-Masry Al-Youm