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Al-Ahram Weekly 6 - 12 January 2000 Issue No. 463 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly 6 - 12 January 2000 Issue No. 463
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region International Economy Opinion Culture Heritage Millennium Features Profile Living Travel Sports People Time Out Chronicles Cartoons Letters Promoting the economy
By Dina EzzatOpening new markets for Egyptian exports, identifying new opportunities for Egyptian businessmen, attracting foreign investment and monitoring the trends of world trade are an integral part of Egyptian diplomacy. Indeed, with 10 economy departments, the Foreign Ministry seems set for the hard work needed for the highly economy-oriented plan of action of the new government.
"There is a clear realisation now that for Egypt to continue to be a leading country in the Middle East, the Egyptian economy will have to improve. So working to enhance the economy has simply become a prerequisite for the country's political welfare," said Foreign Minister Amr Moussa.
So, the top of the agenda of Egyptian diplomacy is no longer exclusively dedicated to traditional issues such as the Arab-Israeli peace process. "It is our intention that the developmental diplomacy that we have adopted in the past few years remain at the core of our work," said Moussa.
The emphasis is now also on enhancing Egypt's active presence in Third World economic groupings, such as the G-15, and intensifying Egypt's economic cooperation with the industrialised countries through partnership agreements, such as the Mubarak-Gore Initiative and the Egypt-EU Partnership.
The past few years have witnessed the start of this economy-oriented trend, and the coming years will see energetic movement in this direction.
The Foreign Ministry will be heavily involved in a wide range of economic tasks including the advancement of Egypt's technological development, the implementation of the national mega projects, such as Toshka, and generally upgrading the economy.
Egypt's 150 diplomatic missions overseas -- three times the number of foreign trade representation offices -- are now being beefed up with investment promotion units. Egyptian diplomats participating in relevant international conferences will need to lay down the legal framework to increase exports and facilitate the transfer of technology.
Today, it is an accepted fact that enhancing the Egyptian economy is as central to the work of Egyptian diplomacy as any other national security priority. "Actually, 90 per cent of what Foreign Minister Moussa has to say in any of his official meetings or gatherings is about economy. And, almost every time he is on a trip overseas he makes a point of meeting with the representatives of the business community and economy officials of the country he is visiting," commented one aide to the foreign minister.
Moussa is planning several tours on which he will be accompanied by groups of businessmen across Third World countries to explore new vistas of economic cooperation.
This strategy has, in the past few years, allowed a good number of Egyptian businessmen and investors to go to Africa, a previously much ignored business market.
"Businessmen tell us that it was very useful for them to travel with Foreign Minister Moussa and get an opportunity to talk about business with senior state officials of the countries they visited," said one member of the economy staff in the Foreign Ministry. According to the information offered by this source, Egyptian businessmen have reported a 100 per cent increase in their exports to the countries of North Africa during the past few years. They attribute this jump to the attention given to them by the officials of these countries that they visited along with high-ranking Egyptian officials. As a result the Foreign Ministry will make a point of arranging business meetings on the fringes of as many official visits as possible.
Moreover, the foreign minister and his aides are planning regular meetings with the representatives of Egypt's business community to be better acquainted with their ideas and needs. Foreign Ministry officials say that whatever they hear from the business community is always taken into consideration.
The establishment of more joint business councils and the signing of more trade agreements between the Egyptian government and those of the potential markets for business in Africa, Asia and Latin America are objectives that the foreign ministry is trying to attain. The Foreign Ministry is also working to inject more economic issues in the work of Egypt's joint committees with neighbouring Arab countries.
Also in the pipeline are plans for the convocation of economy- oriented conferences that could function as a showcase for the Egyptian economy and enable Egyptian businessmen to meet with their counterparts.
On 28 February, President Hosni Mubarak is scheduled to inaugurate a two-day COMESA (Common Market for Eastern and Southern Africa) conference that should allow for the very limited Egyptian-African business to significantly increase.
Later in the year, if all goes well with the peace process, Cairo should also be hosting the economic cooperation conference for the Middle East and North Africa.
Attracting foreign investment is integral to the objectives of such conferences. But it is not any investment that Egypt is looking for. "We have to be very careful when we talk, for example, about attracting foreign investment because what we are talking about is long-term and not short-term investment. It is part of our job to be selective," said one official. Therefore, in concert with other economic bodies such as the Ministry of Economy, the Cairo Stock Market, and the Investment Authority, the foreign ministry is conducting many studies to determine the feasibility of the various economic targets.
As Foreign Minister Moussa summed it up: "Egypt entered the 20th century struggling to gain its independence from foreign imperialism. Today, it is entering the 21st century trying to win its economic independence." He added, "It is this economic independence that will allow Egypt to maintain its influential regional role".
