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Thursday, October 01, 1998
The giant projects launched by the government are not merely premised to help people get out of the narrow valley but also to erect a new civilisation ushering the country into the world of the 21st century, said President Hosni Mubarak. The President's remarks came in the 3rd part of the interview he had with Al Ahram, daily newspaper, the first and second parts of which were published in last Monday and Tuesday issues. The over-crowdedness of the old valley, and the need for expanding the farmlands nationwide and for doubling production are all hard nuts that have entailed giant projects helping such dreams come true, maintained the president. The interview came as part of celebrations marking the 25th anniversary of the glorious October 1973 war victories, whereby the Egyptian Armed Forces managed to recapture Sinai from the Jewish usurpers. In his interview with the cairo mass circulation daily of Al Ahram, President Hosni Mubarak said that large plots of lands have been allocated to a number of investors and companies capable for undertaking the intended reconstruction undertakings. "We should not forget East of Owainat Project where reclamation and construction depend mainly on the water wells and where 200, 000 feddans have gone to 16 investors who have for their part started the cultivation of 1300 feddans with corn, horticultural crops and clover," said Mubarak. Further outlining the huge projects under construction, President Mubarak took up the project of utilising the crude iron in South of Aswan where three American, French and German companies have been established to set up a factory on the same location of the ore exploration operation. "The crude iron found in this area is estimated at 350 million tonnes, plus virtual reserves put at 105 million tons of good brand," noted Mubarak. President recalled the East of Port Said Project which displays a set of enterprises, including a central port, an industrial zone as well as a tourist resort, all sprawling on 220 kilometers. He stressed the role to be played by the port due to its strategic location between Asia and Africa. Mubarak invited international companies to take part in the East of Port Said project, noting that a plot of land has been alotted to four companies to undertake the development and provision of infrastructure. Terming el- Salam canal as unprecedented project, Mubarak said it has been dug to cultivate 620,000 feddans, 400,000 of which are in Sinai and 220,000 west of the Suez Canal. Mubarak said the simultaneous financing of these tremendous projects depends on the financial contributions offered by Arab investors besides rationalising governmental spending as much as possible. "We have drawn out long-term plans in this regard, because I don't want to suffer a budgt deficit," noted Mubarak . He emphasised that budgeting these projects will have no impingement on the services offered to the people neither will they accrue new taxes. "I had stressed two essential matters: firstly no public services should be affected by the execution of these projects. Secondly no taxes should be introduced in the name of carrying out these projects," remarked Mubarak. Mubarak underlined the importance of the Egyptian and foreign private sector's contribution to financing and establishing these projects, remarking that the government offers all possible facilities and guarantees to encourage them. He emphasised his interest in following up the implementation of all major projects and attending relevant meetings to listen to all explanations. President Mubarak said that exports mark the core and crux of the economic game and that those who lack the ability to compete abroad will have no place in today's world. "We have succeeded to carve a niche for the Egyptian products among world trade marks,", said Mubarak. "The most important thing is to accuartely identify our position in the world, and pinpoint our goals in accordance with this position," added the president. He noted that the export strategy of Egypt has to rely on an erudite knowledge of foreign markets and the status of those competing with us in addition to a fully refined and sophisticated production," explained Mubarak. On why he does not hold meetings to review the development of the exports , Mubarak said "meetings are not the sole way of following up things, as my contacts with officials are non-stop," clarifying that meetings are only convened to explain, consult and instruct on certain issues. There will be more than a meeting in light of the developments on the world markets as well as the decisions taken by some european countries on anti-Egyptian dumping charges, he noted. "We have to take into account that the economic game rules are not free from some aggressive and discriminatory practices and that not all parties do abide by fair play," added Mubarak. It is illogical to ask the developing countries to abide by certain rules at a time when the developed countries wriggle them off although the trade balance often tilts in their favour, he said. Giving an example, Mubarak said Egypt's imports from italy amount to one billion dollars against only 2.5 million worth of Egyptian textiles exports. Mubarak spelled out surprise over France's support for the dumping cases filed against Egypt at a time when Egypt exports only dlrs 40-50 million worth of commodities to france against dlrs 6-7 billion worth of French exports to Egypt. Mubarak branded the stance of some European countries against Egyptian products on allegations of dumping as hard to comrpehend. he said he raised the issue during his latest visit to France. He remarked that the European stance boosts Egypt's view of the necessity of varying the markets Egyptian exports deal with "so that we can not be under any body's mercy and be able to resist any repressive practices." "This would also give us the potential to resist any aggressive discriminations and bolster our negotiatory positions", added Mubarak The president ruled out the possibility that the ghost of the Asian financial crisis could haunt Egypt, noting that Egypt has learned alot from different economic reform experiments worldwide. "We have our own unique economic reform experiment which has received the applaud of the whole world," he said, citing the recent pro-Egyptian testimony of the International Monetary Fund (IMF). Although Egypt admired the Asian tigers' rising star, it did not fell captive to the spell of blind emulation of their experience and focussed only on sorting out the negative as well as the positive aspects of this odyssey, said Mubarak. The Asian monetary crisis was an issue prioritised by Egypt both during the g-15 meetings and during meetings with economists, said Mubarak. Mubarak pointed out that Egypt has deduced from this study two obvious facts: "first, economic development should be achieved within a balanced course of calculated expediency and rational graduality as well as a belief in the idiom that joining the club of masters is not that easy. second, we are confident the Asian tigers will overcome their setback because they actually possess the socio-economic and cultural assets necessary for the success of development," explained the president. President Hosni Mubarak said in his interview with the cairo mass circulation daily of Al Ahram that Egypt applies a preemptive strategy that allows it to learn from others' experiences and eschew the crises they bogged down in. "The failures of others mark alarming bells in the age of globalisation whose womb is pergnant with numerous chances of success and downfall as well," said Mubarak. Shifiting to another economic aspect, Mubarak said Egypt’s foreign debt now account for dlrs 30 billion against 50 billion in the early 1990s. ''At that time they used to gobble up a large portion of the exports' returns." noted Mubarak. President Mubarak said the national foreign currency reserve has now amounted to dlrs 20 billion and the foreign debts are annually paid at their due dates with no more taxes imposed or public services affected. "Egypt has managed to handle the dlrs 800 losses triggered by the decrease in oil prices in addition to dlrs 700 losses in tourist revenues, thanks to the secure debt," Mubarak said. On the US aid, Mubarak said it was not doomed to continue indefinetly. "We did not plan to include it in our accounts for ever and consequently we have braced for its gradual shrinking which has already started this year but with no significant effect on the economy," added Mubarak. On allegations promulgated by certain circles on alleged persecution of copts in Egypt, Mubarak said all the righteous know that the Egyptian people constitute one harmonious tissue. "We have never had sectarian disputes or something like segregation on minority basis. we are one society free from any such notions," contended Mubarak. The giant projects launched by the government are not merely premised to help people get out of the narrow valley but also to erect a new civilisation ushering the country into the world of the 21st century, said President Hosni Mubarak. The President's remarks came in the 3rd part of the interview he had with Al Ahram, daily newspaper, the first and second parts of which were published in last Monday and Tuesday issues. The over-crowdedness of the old valley, and the need for expanding the farmlands nationwide and for doubling production are all hard nuts that have entailed giant projects helping such dreams come true, maintained the president. The interview came as part of celebrations marking the 25th anniversary of the glorious October 1973 war victories, whereby the Egyptian Armed Forces managed to recapture Sinai from the Jewish usurpers. In his interview with the cairo mass circulation daily of Al Ahram, President Hosni Mubarak said that large plots of lands have been allocated to a number of investors and companies capable for undertaking the intended reconstruction undertakings. "We should not forget East of Owainat Project where reclamation and construction depend mainly on the water wells and where 200, 000 feddans have gone to 16 investors who have for their part started the cultivation of 1300 feddans with corn, horticultural crops and clover," said Mubarak. Further outlining the huge projects under construction, President Mubarak took up the project of utilising the crude iron in South of Aswan where three American, French and German companies have been established to set up a factory on the same location of the ore exploration operation. "The crude iron found in this area is estimated at 350 million tonnes, plus virtual reserves put at 105 million tons of good brand," noted Mubarak. President recalled the East of Port Said Project which displays a set of enterprises, including a central port, an industrial zone as well as a tourist resort, all sprawling on 220 kilometers. He stressed the role to be played by the port due to its strategic location between Asia and Africa. Mubarak invited international companies to take part in the East of Port Said project, noting that a plot of land has been alotted to four companies to undertake the development and provision of infrastructure. Terming el- Salam canal as unprecedented project, Mubarak said it has been dug to cultivate 620,000 feddans, 400,000 of which are in Sinai and 220,000 west of the Suez Canal. Mubarak said the simultaneous financing of these tremendous projects depends on the financial contributions offered by Arab investors besides rationalising governmental spending as much as possible. "We have drawn out long-term plans in this regard, because I don't want to suffer a budgt deficit," noted Mubarak . He emphasised that budgeting these projects will have no impingement on the services offered to the people neither will they accrue new taxes. "I had stressed two essential matters: firstly no public services should be affected by the execution of these projects. Secondly no taxes should be introduced in the name of carrying out these projects," remarked Mubarak. Mubarak underlined the importance of the Egyptian and foreign private sector's contribution to financing and establishing these projects, remarking that the government offers all possible facilities and guarantees to encourage them. He emphasised his interest in following up the implementation of all major projects and attending relevant meetings to listen to all explanations. President Mubarak said that exports mark the core and crux of the economic game and that those who lack the ability to compete abroad will have no place in today's world. "We have succeeded to carve a niche for the Egyptian products among world trade marks,", said Mubarak. "The most important thing is to accuartely identify our position in the world, and pinpoint our goals in accordance with this position," added the president. He noted that the export strategy of Egypt has to rely on an erudite knowledge of foreign markets and the status of those competing with us in addition to a fully refined and sophisticated production," explained Mubarak. On why he does not hold meetings to review the development of the exports , Mubarak said "meetings are not the sole way of following up things, as my contacts with officials are non-stop," clarifying that meetings are only convened to explain, consult and instruct on certain issues. There will be more than a meeting in light of the developments on the world markets as well as the decisions taken by some european countries on anti-Egyptian dumping charges, he noted. "We have to take into account that the economic game rules are not free from some aggressive and discriminatory practices and that not all parties do abide by fair play," added Mubarak. It is illogical to ask the developing countries to abide by certain rules at a time when the developed countries wriggle them off although the trade balance often tilts in their favour, he said. Giving an example, Mubarak said Egypt's imports from italy amount to one billion dollars against only 2.5 million worth of Egyptian textiles exports. Mubarak spelled out surprise over France's support for the dumping cases filed against Egypt at a time when Egypt exports only dlrs 40-50 million worth of commodities to france against dlrs 6-7 billion worth of French exports to Egypt. Mubarak branded the stance of some European countries against Egyptian products on allegations of dumping as hard to comrpehend. he said he raised the issue during his latest visit to France. He remarked that the European stance boosts Egypt's view of the necessity of varying the markets Egyptian exports deal with "so that we can not be under any body's mercy and be able to resist any repressive practices." "This would also give us the potential to resist any aggressive discriminations and bolster our negotiatory positions", added Mubarak The president ruled out the possibility that the ghost of the Asian financial crisis could haunt Egypt, noting that Egypt has learned alot from different economic reform experiments worldwide. "We have our own unique economic reform experiment which has received the applaud of the whole world," he said, citing the recent pro-Egyptian testimony of the International Monetary Fund (IMF). Although Egypt admired the Asian tigers' rising star, it did not fell captive to the spell of blind emulation of their experience and focussed only on sorting out the negative as well as the positive aspects of this odyssey, said Mubarak. The Asian monetary crisis was an issue prioritised by Egypt both during the g-15 meetings and during meetings with economists, said Mubarak. Mubarak pointed out that Egypt has deduced from this study two obvious facts: "first, economic development should be achieved within a balanced course of calculated expediency and rational graduality as well as a belief in the idiom that joining the club of masters is not that easy. second, we are confident the Asian tigers will overcome their setback because they actually possess the socio-economic and cultural assets necessary for the success of development," explained the president. President Hosni Mubarak said in his interview with the cairo mass circulation daily of Al Ahram that Egypt applies a preemptive strategy that allows it to learn from others' experiences and eschew the crises they bogged down in. "The failures of others mark alarming bells in the age of globalisation whose womb is pergnant with numerous chances of success and downfall as well," said Mubarak. Shifiting to another economic aspect, Mubarak said Egypt’s foreign debt now account for dlrs 30 billion against 50 billion in the early 1990s. ''At that time they used to gobble up a large portion of the exports' returns." noted Mubarak. President Mubarak said the national foreign currency reserve has now amounted to dlrs 20 billion and the foreign debts are annually paid at their due dates with no more taxes imposed or public services affected. "Egypt has managed to handle the dlrs 800 losses triggered by the decrease in oil prices in addition to dlrs 700 losses in tourist revenues, thanks to the secure debt," Mubarak said. On the US aid, Mubarak said it was not doomed to continue indefinetly. "We did not plan to include it in our accounts for ever and consequently we have braced for its gradual shrinking which has already started this year but with no significant effect on the economy," added Mubarak. On allegations promulgated by certain circles on alleged persecution of copts in Egypt, Mubarak said all the righteous know that the Egyptian people constitute one harmonious tissue. "We have never had sectarian disputes or something like segregation on minority basis. we are one society free from any such notions," contended Mubarak. "The Egyptians, with their Muslims, Christians and Jews, live under the flag of Egypt, enjoy their citizenship rights and participate without any discrimination or favor in the investment projects," said Mubarak. "Were there any such persecution, our Christian brothers would not have risked investing their funds in Egypt," Mubarak emphasised. President Hosni Mubarak noted that he inspected many projects set up by christians in various parts of Egypt. Addressing those who are marketing these lies abroad, Mubarak said "come to our kind land to see for yourselves how far this claim is false." He remarked that these venomous allegations are often infested by some people whenever Egypt adopts a fair and just stance towards certain issues. On the reason to receive us senator frank wolf who returned to his country to repeat the same lies, Mubarak said it did not happen that he refused to receive anybody. "I even received more biased and opinion-zealots than him and, however, told him with self-confidence and decisive tone of Egypt's view," noted Mubarak. Mubarak asserted he does not fear meeting anybody for "our policy is based on dialogue and logic," said Mubarak, dubbing wolf's claims as untrue and unjust. President Hosni Mubarak recalled that many American religious delegations came here and toured Egypt and that they said the true word at home. "We proved to the world that we are not hyper-sensitive to that issue and we certainly have nothing to conceal," he added. On Egypt's plan to get access to advanced technology Mubarak said technology is the fructification of human development because it relies on types of skilful people of high calibre. He noted that any programme to cause a technological revolution should depend on the long-run domestic production of this technology and modernising both education and scientific research. "The cost of the programme must also be weighed against its actual returns and hence steps towards that end have to be very well calculated," he added. President Mubarak said he might visit china in December within a tour being arranged for now. |
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