Egyptian economy 'entering' recovery phase

The Egyptian economy is entering a recovery phase, after a persistent economic challenges that took place over the past five years, said Trade and Industry Minister Tarek Qabil. 

Credit ratings for the government and the commercial banks in Egypt have improved, Qabil added during opening the proceedings of the Egyptian-Belarusian business forum. 

Egypt ranks second worldwide in terms of achieving higher returns on investment, noted the minister. 

The foreign direct investment increased by about 6.37 billion dollars by the end of 2014/2015 fiscal year, he said, adding that the growth rate reached 4.2% in 2015.

The volume of trade exchange between Egypt and Belarus reached about 177 million dollars during the first nine months of last year, with an increase of 28% if compared to the same period in the previous year, he said. 

The trade ties binding the two countries are witnessing continued progress, he said.

Egyptian exports to Belarus include citrus, vegetables and fresh fruits, he said, adding that Belarus' exports to Egypt include steel and agriculture tractors.

The forum is considered a great opportunity to open new aspects to promote economic cooperation, he said, adding that Egypt's hosting of the meetings of the third session of the joint Egyptian-Belarusian committee comes to affirm the importance of boosting cooperation between the two countries.

Talking about the economic conditions in Egypt, Qabil said that a strategy was drawn up to confront the economic challenges within the upcoming phase, adding that the strategy focuses on luring more investments through the new investment law, the investment disputes resolutions committee and implement signed trade agreements between Egypt and several world countries. 

He also said pointed out to the several mega projects, which were announced by the government, including the Suez Canal Axis Development Project, the Golden Triangle Project along with projects of developing infrastructure. 

Chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed el Wakil, who attended the forum, said that the visit by Belarusian delegation shows the development of ties between Egypt and Belarus. 

The Egyptian economy provides several opportunities for the serious investors, thanks to the agreements signed between Egypt and mega economic blocs, he added.