Egypt's gross domestic product (GDP) reached 76 percent in fiscal year 2006/2007, compared to 51 percent in 2002/2003, according the minister of trade and industry.

Rates of the trade liberalisation went up due to a decrease in the average tariffs from 9.5 percent in 2004 to 6.9 percent this year, Rasheed Mohamed Rasheed added.

Rasheed was speaking to the Euromoney Conference Egypt 2007.

Rasheed said non-petroleum exports posted a record over oil exports, hitting 45 percent in the fiscal year 2006/2007 compared to a year earlier.

Also, the industrial growth rate increased from 3 percent in 2003/2004 to 7.6 percent in 2006/2007, the minister added.

Some 300 plants were set up this year against 75 last year, Rasheed noted.


As for customs duties imposed on cement and iron imports, the minister said they are meant to control the local markets and protect the consumer.

As for applications submitted by Egyptian and foreign companies to establish cement plants in Egypt, Rasheed said those applications were under consideration by the ministry.

Rasheed pointed out that maintaining the economic growth rate required a focus on increasing productivity which contributed to reducing poverty rates.

6/9/2007