Egyptian Trade and Industry Minister Rasheed Mohamed Rasheed told the first conference of chemical industries, organized by the Federation of Egyptian Industries’ Chamber of Chemical Industries, that the country’s economic growth rate hit 5.8 percent in the first three months of 2010. This rate has gone beyond expectations.

In the same period, the industrial growth rate reached 6 percent; Rasheed noted adding that his ministry is targeting a 10 percent growth rate within four years.

These figures show that the Egyptian economy will further grow in the coming period, the minister said.

Held under the theme of “toward a safe and clean chemical industry,” the conference was also attended by Minister of State for Environmental Affairs Maged George, Chairman of The Federation of Egyptian Industries Galal el-Zorba, and head of the Chamber of Chemical Industries Sherif al-Gebali.

Worth mentioning that the Egyptian economy has been growing by leaps and bounds over the past few years. A reform plan was devised to achieve stability and equilibrium by means of applying the mechanisms of free market economy. The following steps were taken:

• A liberalized economic system has replaced the centralized system previously adopted (The Constitutional amendments of March 2007).
• Economic policies were adopted to eliminate obstacles to economic growth (Tax Law No. 91/2005 and the executive statute of the 2006 law on customs).
• Changes were introduced to monetary policies whereby greater economic entities were created capable of competing at the local and international levels. Bank mergers were encouraged and exchange rates stabilized.
• Checks and balances were imposed on demand for money, savings encouraged and a state policy was developed more geared to liberalizing interest rates, and prices of products and industrial commodity.
• Privatization policies were resuscitated, the public sector developed, the investment sector encouraged, and investment-incentive laws promulgated.
• The money market was revived as an essential tool of economic reforms.
• The role of the Social Fund for Development in generating real work opportunities and encouraging small enterprises was promoted.
• Social policies were put into action to boost the positive effects of economic growth.

Global Arab Network