The Minister of Trade and Industry Rachid Mohamed Rachid attributed the decrease of foreign investments in Egypt for fiscal year 2009/2010 to different factors, including the world financial crisis, which prompted many banks and investment funds to downsize their operations in developing countries.
In a press conference at the Business Leaders Forum, held in Cairo yesterday, Rachid said that developing countries saw a drop in foreign investment from US$900 billion in 2000 to US$150 billion in 2009, a decline reflected in Egypt over the past two years.
The minster rejected links between the decline and political developments in Egypt, especially those related to the upcoming elections. He said that long-term and other investments directed to industrial projects were not affected during the period, noting that his ministry’s Industrial Development Authority has a list of investors currently waiting for permission to carry out industrial work.
Rachid urged the Egyptian government to proceed with its policy of economic reform as the sole means of achieving the growth targeted by the state.
Translated from the Arabic Edition.