Investment Level Falls in Egypt
The spokesman of The Muslim Brotherhood’s bloc in the parliament, Hassen Hamdy, tabled an oral question to the Prime Minister, Ahmed Nazef, concerning the investment policy of the government. Hamdy indicated that the government fails in adopting general polices that help creating an encouraging atmosphere for national and foreign investments. This failure casts a devastating impact on the national economy; a fact can be explicitly seen in the fall of the growth level, the increase of unemployment, the swell in the toll debt, the deterioration of health and educational services.
In an explanatory memo, Hamdy said the world statistics of foreign investment show Egypt recording successively $ 647, 237, 1253 millions in 2002, 2003, 2004. These figures reflect a recent increase which is still lower comparing to the world inflow that soars to $ 678 billions.
The Egyptian actual situation does not only mirror a failed strategy to manage foreign investment but also sounds the state’s unsuccessful general plans. It, in addition, reveals the inefficiency of the investment mood that does not get along the concepts of globalization and world economical incorporation. While countries are yielding the fruits of these modern phenomena, we are reaping buts its negative repercussions.
The Brotherhood’s MP added that the government inability to devise a mechanism of rapid economical judiciary clearly highlights its incompetent schemes to nourish an incentive mood for foreign investments. In conclusion, Hamdy requested a quick response to his question that pertains to a critical subject.