Plans for economic restructure

Osama Saleh is optimistic about Egypt's future Cairo – Akram Ali Egyptian Minister of Investment Osama Saleh denied investors were leaving Egypt due to financial insecurity and social unrest in recent months, adding that the government was already aiming towardsa 3.5 percent growth rate programme for the coming year, with a projected seven percent rate after that. Saleh said the Egyptian government was working hard to increase investments up to 276 billion EGP through 2013, hoping to provide 700,000 new job opportunities as a result. He stressed the need for supporting homegrown business and investment, removing obstacles to new development and innovation. Promoting smaller businesses in the private sector was a “necessity” for this end, he argued. Meanwhile, Egypt’s Minister of Industry Hatem Saleh claimed his department would be concurrently driving exports across different sectors through its 950 million EGP Export Development Fund. Saleh admitted there are a number of challenges currently facing the Egyptian manufacturing sector, blaming recent events for a climate of “insecurity.” The Industry Minister said that his department would build new factories, adding it was in the process of re-structuring national industry over the coming period. Exporting councils would also be reformed to allow smaller businesses and exporters to gain membership.