Egypt pumped new national investments worth 22 billion Egyptian pounds to push local economy and fight unemployment through funding small and medium enterprises, Minister of Investment Osama Saleh said during his speech in a business ouncil conference held currently in New York.
The statements came during the participation of a high-level delegation in a forum entitled "Economic Reform and the obstacles facing it in Egypt", which was held on the sidelines of the Business Council for International Understanding (BCIU) conference in New York.
In a bid to expand free trade, BCIU hosts private sector dialogues as part of the Trade and Investment Framework Agreement (TIFA) talks between the U.S. and Middle East partners including Algeria, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Tunisia, United Arab Emirates, and Yemen.
During the forum, Minister of Investment Osama Saleh said that Egypt economy moves in parallel steps with the democratic transition period set by the current government in order to achieve the goals that guarantee social and economic stability to Egyptians.
Saleh reviews the forthcoming plans for enhancing the national economy and means that help keeping it stable with reference to strategic sectors like tourism.
He also added that aids from Arab gulf countries and foreign direct investments are main reasons behind less deterioration.
Real GDP grew by 2.3 per cent in the first nine months of 2012/2013, following a similarly feeble growth rate of 2.2 per cent in 2011/2012. This nascent recovery in economic activity came on the back of tentative signs of recovery in the construction and tourism sectors, according to the Central Bank of Egypt (CBE).
"The government is currently focusing on solving obstacles facing investors on seeking means to attract more high-intensive projects to raise its productivity on the other, the minister said during the event.
He also referred to the tourism sector, which will start regaining its confident after key foreign countries such as Russia and other European countries that cancelled its curfew on its citizens coming to Egypt.