CAIRO: “I firmly believe the best way to formulate Egypt’s strategic support packages for industry and trade during the next few months is through dialogue, Minister of Trade and Industry Rachid Mohamed Rachid said.
Rachid was on a two-day visit to Paris recently, part of a week-long trip to meet with counterparts in the region to discuss the impact of the international economic slowdown. “Just like we have been engaging in dialogue with industrialists and exporters in Egypt, it was important for us to engage in dialogue with our strategic international partners, he said.
Rachid met with France’s Minister of State for Industry, Luc Chatel and Minister of State for the Environment and Sustainable Development Jean Louis Borloo. He also met with Ambassador Jean David Levitte, diplomatic advisor to President Sarkozy, and Minister of Economy Christine Lagarde.
Officials discussed the expected impact of the economic crisis on the French and Egyptian economies, as Rachid stressed the fact that “the banking crisis did not directly impact Egypt’s banking sector, the ministry said in a press statement.
Rachid said Egypt will support its industrial sector as well as its exporters in order to continue to drive the Egyptian economy, according to the statement.
The Euro-Med agreement, said Rachid, is of strategic importance to the region in order to further develop regional trade flow by strengthening of the transportation routes and implementing joint projects that will benefit countries on both sides.
France and Egypt are currently co-heading the Euro-Med presidency.
Rachid told members of the French business community that Egypt is prioritizing investments in infrastructure in order to further facilitate trade and investment growth.
“We know that right now, the priority is going to be for us provide sector-specific and industry-specific support in order for Egypt to not only survive the upcoming international economic slowdown but to in order to continue to grow.
“With this in mind, we are pursuing an aggressive plan to support investors in Egypt, both domestic and foreign, as well as exporters and importers in order for their business to develop. .This was the message for the French business community: We are not going to adopt a conservative approach and we want to encourage them to do the same.
While in Paris, Rachid toured the Egyptian wing at the Sial 2008, an international food exhibition where more than 70 Egyptian companies, representing 70 percent of exporters in the sector, participated in the event.
