• Short Summary

    President Sadat's First Deputy Premier Dr. Abdel Aziz Hegazi said in Cairo on Wednesday (May?

  • Description

    GV EXT. Prime Minister's office (2 shots)

    CU Hegazi speaks

    DR. HEGAZI: "Since the October was the success and victory of our people therefore has given more confidence in our people in the Arab world and also direct contact with foreign circles. That adds to the possibility of development and that's why, if we just take a simple example, if we had 50 applications last year for industrial projects being put by Arab and foreign investors, we had only during two months January and February, more than 40 applications in industry by itself. We have at the moment more than 200 applications for projects in various fields. There is of course, a very wide scope for joint efforts into the free zone. The free zone and the Suez zone particularly Port Said, Suez, also in Cairo and Alexandria there is a good possibility for industrial development and more housing. The strategic point where we have the Suez Canal in particular for the area and for other neighbourhoods gives us the possibility of attracting some of the industrial projects in that area and we have already a number of firms who have been supplying and studying, making feasibility studies for a number of branches--motor cars, tractors, things which are mostly needed in that area. So we are very optimistic about the future, we know we have potential and we have people who could work and who could add to our industrial, agricultural development and that is why we look forward to have this joint effort with the Arab neighbours and with the foreign capital in branches which are outlined within our plan, which will add not only to the benefit of Egypt but also for the welfare of all parties."

    Initials AE/16.48 AE/16.54

    Script is copyright Reuters Limited. All rights reserved

    Background: President Sadat's First Deputy Premier Dr. Abdel Aziz Hegazi said in Cairo on Wednesday (May 8) he was very optimistic about his country's economic future. The number of firms wishing to build industrial projects in Egypt has risen sharply and several of them were carrying out feasibility studies on the possibility of opening car and tractor plants, said Dr. Hegazi in an interview with Visnews correspondent Paul Davies.

    Dr. Hegazi, a 50-year-old economist has been assigned the difficult task of restoring Egypt's economy and implementing a vast reconstruction programme after the wars with Israel.

    He is an exponent of President Sadat's open-door policy of attracting foreign funds for investment in Egypt, easing import and export regulations and providing facilities for individual enterprises.

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    Reuters - Source to be Verified
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