Egypt Achieved Stability in Macroeconomic Indicators, Unemployment Rate DroppedSource: www.export-egypt.com 6/30/2019, Location: Africa |
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Egypt achieved stability in macroeconomic indicators after implementing the economic reform program in 2016, as the economy showed a growth ranging between 4 to 5 percent, the highest rate in 10 years, Tourism Minister Rania Al Mashat said.
Addressing an investment conference held on the sidelines of the first China-Africa Economic and Trade Expo in Changsha city in central China's Hunan Province, Mashat stated that the unemployment rate had declined in conjunction with stability in inflation levels. Mashat reviewed aspects of cooperation between Egypt and Africa, the Egyptian economy, steps taken by Egypt to promote investment and aspects of cooperation in the sectors of trade, industry, tourism, and agriculture. About 16 industrial complexes had been established including the Chinese economic zone in the Suez Canal Economic Zone (SCzone) at a total cost of $ 18.9 billion, creating 41,000 jobs. Up to 124 new agriculture projects had been launched in a number of African states with total aid exceeding $150 million had been offered to them. The minister hailed the strength of cooperation between China and Africa and China's major role in developing the African continent. She cited that the volume of trade exchange with the African countries reached $ 6.2 billion, as the Egyptian exports represent $ 4 billion and nine percent of its exports abroad, pointing out that the volume increased 26 percent in 2018 compared to 2017. Egypt's investments in Africa amounted to $10.4 billion. The country tops the African states in luring investments annually by more than $ 7.2 billion. Regarding the Chinese investments in Egypt, Mashat pointed out that they soared 10 percent in the first quarter of 2019 compared with the same period in 2018. She noted that 189 companies were established under a Chinese-Egyptian partnership in Egypt in 2018 with a share capital exceeding $ 54 million, adding the number of Chinese firms operating in Egypt is nearly 2,000 companies. Regarding tourism, the minister underscored that China's flights to Egypt gets out from seven Chinese airports, saying the number of Chinese tourists visiting Egypt doubled between 2016 and 2018. EgyptAir operates three weekly flights from Beijing to Cairo and seven direct flights from Guangzhou, she noted, with negotiations are underway with Chinese civil aviation authorities to operate three direct flights between Shanghai and Cairo. Egypt partakes in more than six tourism expos in China, she further said. |
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