More than one thousand Arab and foreign business men have attended the first investment conference in Cairo.
More than one thousand Arab and foreign business men have attended the first investment conference in Cairo. It was opened by Egyptian Prime Minister Mamdouh Salem. who in his ??? inauguration speech, urged for more foreign investment in the country's development projects.
SYNOPSIS: The venue for the conference was the headquarters of the Elnsar Export and Import Company. It was attended by a host of foreign investors, including many from Arab countries. They had assembled to hear details of the level of foreign investment in the country since President Sadat's open door economic policy after the 1973 Arab-Israeli war.
The conference was headed by the Egyptian Prime Minister Mamdoun Salem and the Prime Minster for Financial and Economic Affairs, Dr. Abdul el-Kaisouny, In his inauguration speech Mr. Salem said the increasing presence of foreign investors in the country was a direct result of its economic liberalization policies. Since the end of the 1973 Arab-Israeli war, he said the government had lifted financial restrictions on foreign banks operating in the country, and as a result, investment levels were improving.
Mr. Salem went on the point out that total foreign investment in Egypt during 1977 was approximately 18 million U.S. dollars higher than the previous year. In the view of this prospects for the coming year looked good, and he urged those present to continue to support the country's development projects with more foreign capital.