Ministry pledges to maintain transparency, argues for Egyptian investment stability

Egypt's Minister of Trade and Industry Rachid Mohamed Rachid on Tuesday said the government “is not going to hide behind the walls instead of facing challenges encountering Egypt during the recent period."

The comment was delivered to the second Euro-Mediterranean Conference and Ehxibition on Donor Funding.

“We decided to be transparent," Rachid told those in attendance. "We will no more tell people everything is okay, since we trust people’s understanding of our problems and challenges.”

Rachid said the government has endured the consequences of its sincerity in the past through media criticisms. He, however, pledged the government will maintain its candor.

Rachid said that during past visits to foreign countries, he was inundated with questions of investment atmosphere and the political situation in Egypt by international funding firms and institutions. He also claimed he was pressed over Egyptian social stability given the rising tide of protests and attacks on the Egyptian government. To those questions, he answered that political and economic conditions were stable on the local level, according to the minister.

Rachid said a Swedish company has agreed to collaborate with the government to inject US$600 million in industrial investments into the Egyptian economy. Rachid also highlighted another Egyptian deal with Macro, a German wholesale stores company. He described both as "long-term" investment projects.

Rachid argued that such companies would not have aimed their investments at Egypt unless they had independently verified the social and political stability of the country.

Translated from the Arabic Edition.

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