In his speech at the Euro-Mediterranean Forum, Dr. Maait highlights the following:
· Egypt is capable of assuming the role of " the engine of development" in the Mediterranean region
· Egypt calls on all the international companies to capitalize on the promising investment opportunities abound in Egypt
· The success of Egypt's economic reform surprised the entire world and achieved unprecedented levels.
Minister of Finance Dr. Mohamed Maait took part in the Euro Mediterranean Investment Forum held recently by Intesa Sanpaolo Bank and the Italian Banking Insurance and Finance Federation (FeBAF) in Naples, Italy.
In his speech, Dr. Maait pointed out that the success of Egyptian economic experiment surprised the whole world and was hailed by various international associations and economic experts, stressing that the Egyptian economy enjoyed plentiful potentialities and was eligible to be the engine of development in the Mediterranean region.
Supported by an economic base of 100 million citizens, the Egyptian economy features great variety across all the economic sectors. Egypt's vision for development and regional strategy aims to utilize all facilities to create a prosperous and stable area across all the Mediterranean region, noted Dr. Maait.
Dr. Maait also stressed that the Egyptian economy managed to greatly recover and to regain confidence of the international arena, calling on all Italian and European companies to increase their investments in Egypt and to take advantage of the unique opportunities offered by the Egyptian mega projects in all fields.
Economic achievements realized by Egypt over the past short period were an outcome of a comprehensive economic reform program and strict policies. On their part, Egyptians accepted and responded positively to such policies out of their awareness of their responsibility and its importance in the meanwhile. Indeed, Egypt started to witness the outcomes of its economic efforts as manifested by the unprecedented positive economic indicators, stressed Dr. Maait.
Economic indicators of the Egyptian economy reflects real achievements. Namely, economic growth has sustainably exceeded 5.6% and is targeting growth rates above 6%. Budget deficit rates kept decreasing to reach 90% of GDP and a primary surplus is achieved.
The Egyptian economy showed resilience and stability over the past critical years. Political leadership was keen to include in the reform vision all the necessary factors to achieve a comprehensive and sustainable development across all the economic and financial sectors and to consider the needs and concerns of the citizens as well. Reform plans were accompanied by an array of national projects that shall help in creating new jobs, foster economic growth and enhance development across all the region, added Dr. Maait.
The Minister ended his speech by expressing his deep appreciation to Italy for being an economic partner to Egypt and for supporting Egypt through its past hard times, citing the Egyptian partnership with the Italian ENI energy company in Zohr gas Field given its pivotal role in transferring Egypt to a regional energy center.
The Euro Mediterranean Investment Forum is an international forum held annually and brings together senior officials, experts and policy makers in the EU countries and the Mediterranean region. It aims to demonstrate the successful economic experiments across the world and to highlight the best development modals that enhance stability and prosperity in the Mediterranean region and support financial and economic integration across the Mediterranean countries.