Minister of Investment, Dr. Mahmoud Mohieddin, said that the international investment report issued by UN Conference on Trade and Development (UNCTAD) lauds the unprecedented levels of direct foreign investment in Egypt, as it doubled to reach $ 10 billion in the period from January to December 2006 as compared to the same period in 2005.This came in the speech read on behalf of the minister by Assem Ragab, Chairman of the General Authority for Investment and Free Zones at the World Investment Report 2007 Conference issued by the UNCTAD.

Meantime, the Minster of Economic Development, Osman Mohamed Osman, expected the increase of the Arab and foreign investments flow to Egypt supported by the UNCTAD report.

Taking the high prices of oil into consideration, Osman made it clear that the tendency of foreign investors to invest in any country usually depends on the reports of international organizations such as the recent report by UNCTAD in which Egypt placed as the best attractor for investments in Africa while it occupys the second rank on the Arab level.

He added that the report would transfer a part of the direct foreign nvestments, which exceeded $ 3.1 trillion during the previous year, to Egypt in light of the continued procedures for facilitating the investment climate and political and economic stability as well as liberty of investment entry and exit without constraints.

The Minister pointed out that the current high oil prices, which approaches the ceiling of $ 90 per barrel and expected to riase, would increase the surpluses of the Arab oil exporting countries which will be refelected positively on Egypt through directing part of these surpluses to Cairo to join the new projects and investments especially the real estate ones, oil and natural gas explorations which witness a great leap at the present time as well as the industrial and service projects.

Osman stressed that the current government's plan concentrates on providing all services, utilities and removing obstacles and lengthy procedures before licensing and access to lands for the new projects to facilitate investment in Egypt. He noted that there are several domains for investment before the foreign, Arab and Egyptian investors on which the government will focus thus serving the development process including the last projects offered by the government for iron and cement factories which actually lured many investments.

19/10/2007