Egypt Targets Foreign Investment To Reach $28 Billion, PM Says

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Egyptian Prime Minister Hesham Kandil said on Tuesday, October 9, at the Euromoney Conference Egypt 2012, held in Cairo, that the government set a strategy targeting more involvement of the private sector to reach a goal of USD 28 billion of foreign investments.
Kandil added in the conference, attended by Euromoney Regional Director Richard Banks, that the government economic reform plan also targets a growth rate of 4.3% in FY 2012/2013 in order to provide about 700,000 job opportunities, noting that the government focuses on small and medium enterprises to achieve a growth rate of more than 7% in the coming five years.
SOUNDBITE 1 (English) - Egypt' PM Hesham Kandil:
“The Egyptian government is committed to economic reform and to a free market economy; an economy that is committed to all its contracts and agreements with local and foreign investors and acknowledges the importance of private sector economic growth. The private sector investments within the last seven years average around 60% to 65% of our investments. This year, we target total investment of 276 billion Egyptian pounds with the private sector expected to play another major role worth 170 billion Egyptian pounds, which is equivalent to 28 billion US dollars.” The two-day conference comes under the title "The Return of the Investments to Egypt and the Distribution of the Fruits of Economic Growth".
The huge annual economic event, attended by Egypt’s ministers of finance, investment and communications, urged foreign investors to overcome concerns regarding Egypt’s stability and to invest in the fast-growing fields of banking and software industry.
SOUNDBITE 2 (Arabic)- Egypt’s Minister of communications and IT Minister Eng Hani Mahmoud:
“We have a large number of graduates who are qualified to work in the software industry. We also have more than one opportunity for companies to establish centers for software development in Egypt. At the same time, we are also offering to investors the new Technology Park in Maadi.”

SOUNBDITE 3 (Arabic) – Tarek Amer, Chairman of Egypt’s National Bank:
“We, the National Bank, pumped loans worth 22 billion over the past year and a half since the revolution. We continued our work regularly; we weren’t afraid of the circumstances. Yes, of course we had more bank allocations because some customers had problems. However, we still made profits worth much more than these allocations. If you are bold with a good understanding of the market, you can still work and make profit. If we all were afraid, we wouldn’t achieve anything. I can see that our government and the country’s leadership are bold, and the decisions are there to prove it. In the past, we used to lack boldness and decision making. I can see that this has changed today, and that’s why we will move forward.”

For his part, Finance Minister Momtaz Al-Saeed emphasized that investment is the only solution to restore growth and that there is a need to restore investors' confidence in Egypt.
Other officials noted that the country has been trying to attract foreign investors after many left throughout the past year and a half of unrest.
The Euro money conference is the first major economic, financial and business event that takes place in Egypt after the January 25 Revolution.
Euro money is a global financial media company specializing in encouraging, covering and analyzing cross-border flows of investment capital.

Local News Agency: Middle East Bureau / VCSS
Shooting Dateline: October 9, 2012
Shooting Location: Cairo, Egypt
Publishing Time: October 9, 2012
Length: 0:03:00
Video Size: 148 MB Language: English and Arabic
Column:
Organized by:
Correspondent:
Camera: VCS

SHOTLIST:

  1. Pan right shot of the Euromoney conference in Cairo
  2. Medium shot of the Director of the Euromoney conference, Richard Banks speaking during the conference
  3. Wide shot of the attendees during the conference
  4. Medium shot of Egypt’s PM Hesham Kandil speaking during the conference
  5. Various shots of the conference, attendees
  6. SOUNDBITE 1 (English) - Egypt' PM Hesham Kandil:
    “The Egyptian government is committed to economic reform and to a free market economy; an economy that is committed to all its contracts and agreements with local and foreign investors and acknowledges the importance of private sector economic growth. The private sector investments within the last seven years average around 60% to 65% of our investments. This year, we target total investment of 276 billion Egyptian pounds with the private sector expected to play another major role worth 170 billion Egyptian pounds, which is equivalent to 28 billion US dollars.”
  7. Various shots of the conference, attendees
  8. SOUNDBITE 2 (Arabic)- Egypt’s Minister of communications and IT Minister Eng Hani Mahmoud:
    “We have a large number of graduates who are qualified to work in the software industry. We also have more than one opportunity for companies to establish centers for software development in Egypt. At the same time, we are also offering to investors the new Technology Park in Maadi.”
  9. SOUNBDITE 3 (Arabic) – Tarek Amer, Chairman of Egypt’s National Bank:
    “We, the National Bank, pumped loans worth 22 billion over the past year and a half since the revolution. We continued our work regularly; we weren’t afraid of the circumstances. Yes, of course we had more bank allocations because some customers had problems. However, we still made profits worth much more than these allocations. If you are bold with a good understanding of the market, you can still work and make profit. If we all were afraid, we wouldn’t achieve anything. I can see that our government and the country’s leadership are bold, and the decisions are there to prove it. In the past, we used to lack boldness and decision making. I can see that this has changed today, and that’s why we will move forward.”
  10. Various shots of the conference, attendees and speakers
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