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Egypt Invest hitting all the right areas

Egypt: Tuesday, September 26 - 2006 @ 09:28

Investment in Egypt has come a long way since starting with the FDI figure from 2003 of US $452million, Egypt has entered one of the most prosperous and what has to be said fastest investment paced periods in its history. It seems that each day brings with it new and bigger announcements about investment to Egypt.

Dr. Youssef Botrous Ghali, the Egyptian Minister of Finance said recently that “We are instigating policies and that have quickly restored optimism and confidence in the economy. This is evident in a variety of indicators. FDI amounted to US $6billion by end-June 2006 against US $3.9billion in 2005, and a mere US $452million in 2004”.

Riding on the back of this investment revival once again comes the Egypt Invest 2006 Conference, now in its 4th year, this acclaimed International Investment & Trade Conference for Egypt, will be taking place at the InterContinental, CityStars, Cairo on the 1st & 2nd November 2006; fully supported by The Egyptian Ministry of Investment.

Already with several leading international companies supporting this year’s event such and EFAD Holdings (Kuwait), Al Futtaim Capital (UAE) and AstraZeneca (UK) many are expecting this year’s event to continue its hard reputation and directly address investment issues and matters for Egypt.

Michael Essex, Director of the International Finance Corporation, who will also be speaking at the conference, said that “The discussion of measures taken by the Government to make business easier was well received by local and overseas investors. But more importantly the Egypt Invest conference provided investors with a forum to identify other reform measures and discuss them directly with the Authorities”.

With many leading speakers such as HE Dr. Ahmed Nazif, The Prime Minister of Egypt, Dr. Youssef Botrous Ghali, Eng. Rachid Mohamed Rachid and Dr. Mahmoud Mohieldin there is no shortage of senior government representation, but the prospect of Mrs. Lamess El Hadidy in attendance doing the questioning, that is surely reason enough to attend for this year alone. What we also see different this year is the fact the organizers have developed the event to address three of the biggest and heavily vital sectors for discussion; Energy, ICT and Real Estate. With billions of dollars now steadily flowing into all of these sectors it must sure be coming at an opportune time.

Dr. Youssef Boutros Ghali also mentioned that “the best testament to the confidence in the economy is that foreign investors are more and more making long term investments in Egypt”.

Investors are already recognizing the transparency, certainty, predictability of economic policy. Recent cases in point include a huge foreign investment project on the northern coast in Sidi Abdel Rahman and the third mobile operator license where most bidders were foreign investors. With over 16 countries so far being represented there is sure to be amongst them other encouraged investors willing and able to pump their money into Egypt with the right opportunities being presented to them.

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Tuesday, September 26- 2006 @ 9:28 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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