- Title: EGYPT: Prime Minister Ahmed Nazif encourages investment in economic conference
- Date: 18th February 2009
- Summary: CAIRO, EGYPT (FEBRUARY 16, 2009) (REUTERS) EGYPTIAN PRIME MINISTER AHMED NAZIF (SAT IN CENTRE), SITTING ON PANEL ALONGSIDE OFFICIALS AT ECONOMIC CONFERENCE NAZIF SITTING ALONGSIDE MODERATOR CLOSE OF SIGN READING: "SIXTH BUSINESS ROUNDTABLE WITH THE GOVERNMENT OF EGYPT" DELEGATES SITTING AT TABLES IN CONFERENCE HALL CLOSE ON DELEGATE READING COMPANY LITERATURE NAZIF ADDRESSING DELEGATES CONFERENCE IN PROGRESS (SOUNDBITE) (Arabic) EGYPTIAN PRIME MINISTER AHMED NAZIF, SAYING: "I think the local market in Egypt, as I said, has very high efficiency. We don't have the problems that the outside world is facing. But at the end of the day we have a lack of confidence resulting from the international crisis overseas. The fact of the matter is that we should have confidence because we haven't been affected, because our economy is strong and can endure. Part of our economy, the part that deals with the outside world will certainly be affected. But this only represents 20 percent of the economy. Eighty percent of the economy is inside Egypt. Of course we also see that prices are going down, and this could be an opportunity at the next stage for investors contemplating projects. The project that will be undertaken today to open in two or three years, by then the crisis would have come to an end." (SOUNDBITE) (Arabic) HAMID JAAFAR, EXECUTIVE CHAIRMAN OF DANA GAS, SAYING: "This is an opportunity now. Oil prices have gone down by a large percentage, as everybody knows. So, the percentage of subsidy is much lower than what it was a year ago. At the same time, the government's policy has to protect the consumer, especially those with limited incomes. The government can certainly create a balance in this respect." (SOUNDBITE) (English) PHILIPPE JOANNIER, HEAD OF BNP PARIBAS IN EGYPT, SAYING: "You say what is the effect of the crisis, it's just that we need to think and be reasonable and invest, but invest at the pace, at perhaps a slower pace than we would have if the boom had continued. So instead of opening 20 branches we'll open 10 branches. But we'll still be investing and we'll still be expanding." VARIOUS OF CONFERENCE
- Embargoed: 5th March 2009 12:00
- Keywords:
- Location: Egypt
- Country: Egypt
- Topics: Domestic Politics
- Reuters ID: LVADAII2JXNOSGN981F4WQ79O6E
- Story Text: Egyptian Prime Minister Ahmed Nazif told business leaders on Monday (February 16) that the current economic crisis may represent an opportunity for investment in certain sectors of the Egyptian economy.
Nazif, who was addressing a conference on economic reform in Egypt, told the assembled delegates that the government was determined to continue its reform programme despite the worldwide economic downturn.
"I think the local market in Egypt, as I said, has very high efficiency. We don't have the problems that the outside world is facing. But at the end of the day we have a lack of confidence resulting from the international crisis overseas. The fact of the matter is that we should have confidence because we haven't been affected, because our economy is strong and can endure," he said.
"Part of our economy, the part that deals with the outside world will certainly be affected. But this only represents 20 percent of the economy. Eighty percent of the economy is inside Egypt. Of course we also see that prices are going down, and this could be an opportunity at the next stage for investors contemplating projects. The project that will be undertaken today to open in two or three years, by then the crisis would have come to an end," he added.
Nazif said the global financial crisis would unlikely derail economic reforms such as the deregulation of the energy and transport sectors.
The head of UAE gas exporter Dana Gas, Hamid Jaafar, who also took part in the panel discussion with Nazif, said that the current economic atmosphere also represented an opportunity for the government to move towards its stated goal of reducing subsidies.
"This is an opportunity now. Oil prices have gone down by a large percentage, as everybody knows. So, the percentage of subsidy is much lower than what it was a year ago. At the same time, the government's policy has to protect the consumer, especially those with limited incomes. The government can certainly create a balance in this respect," he said.
The head of French bank BNP Paribas was cautious about the economic environment in Egypt, although the company remains fully committed to investments.
"You say what is the effect of the crisis, it's just that we need to think and be reasonable and invest, but invest at the pace, at perhaps a slower pace than we would have if the boom had continued. So instead of opening 20 branches we'll open 10 branches. But we'll still be investing and we'll still be expanding," said Phillipe Joannier.
The conference, now in its sixth year, continues on Tuesday (February 17), when Egyptian Investment Minister Mahmoud Moheildin will hold an off the record discussion with delegates on the controversial subject of why Egypt's economic reforms and growth have not trickled down sufficiently to ordinary Egyptians. - Copyright Holder: REUTERS
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