Economic reforms and their impact on the investment climate in Egypt were reviewed when the Minister of Investment, Dr. Mahmoud Mohieldin met the Assistant to the Canadian Deputy Minister of International Cooperation.
Dr. Mohieldin said that foreign direct investment increased to more than USD 11 billion during FY 2006/2007 or 8 percent of GDP. Investments were attracted to sectors of industry, finance, contracting and others.
The government, Dr. Mohieldin said, is very keen on the social dimension in the economic development, as it aims at improving the quality of educational and health services provided to the Egyptian people.
The government, he added, seeks to attract investments to different areas especially Upper Egypt governorates, where infrastructure projects undertaken by the government already helped in attracting investors. This will help improve the standards of living and create more jobs.
Dr. Mohieldin highlighted the importance of enhancing cooperation between the two countries in the fields of information technology, financial services and renewable energy.
Canadian investments in Egypt underwent a considerable increase over the past two years. Canada shares in capitals of 206 companies in the fields of industry, tourism, services, telecommunications and financial services.
The meeting was attended by the Canadian Ambassador to Egypt, Canadian Commercial Advisor, and Chairman and vice person of the General Authority for Investment and Free Zones. Source: Ministry of Investment
