 |
Al-Ahram Weekly 20 - 26 January 2000 Issue No. 465 
|
||
Published in Cairo by AL-AHRAM established in 1875 |
| ||
|
Al-Ahram Weekly 20 - 26 January 2000 Issue No. 465
|
||
| Published in Cairo by AL-AHRAM established in 1875 |
| ||
Egypt Region International Economy Opinion Culture Features Profile Travel Living Sports People Time Out Chronicles Cartoons Letters Better climate
THE MINISTERIAL Committee for Investment Promotion, which convened early this week, announced that no major changes will take place in policies governing the investment environment in the near future. Chaired by Prime Minister Atef Ebeid, the committee pledged that any changes in investment-related policies will be thrashed out in advance by all sides of the investment community. The committee also pinpointed a number of priorities aimed at encouraging future investments. Topping the list is a number of legislative amendments including measures to streamline the state bodies that the investor has to deal with by establishing a new body providing all the investment-related services.The committee mandated the Egyptian Federation of Industries together with the representatives of chambers of commerce to organise workshops to suggest changes in the investment regulations within the next month.
Investors attending the committee meeting complained of the high costs they have to bear due to the imposition of the sales tax on capital equipment and they called for equal tax treatment for different kinds of companies operating in Egypt.
Microsoft serious
A JOINT cooperation protocol between the Egyptian government and Microsoft signed last week has left IT watchers confident that the recently formed Ministry of Communications and Information is serious about its "information society" plan.In addition to a number of Microsoft technical training scholarships and initiatives for outstanding developers, the protocol provides the Egyptian side with the opportunity of providing 100,000 students with Microsoft software packages for only $8 each. This, said Minister of Higher Education Mufid Shehab, is considered part of the process "of getting students to appreciate software copyright law".
Microsoft will be taking further practical steps to cut down on the high piracy rates in Egypt, which, according to Microsoft, stand at around 85 per cent. "By doing this, we will be expanding the market. There is no development of the company unless we develop the community," said Microsoft's Heba Selim.
Since Microsoft established its subsidiary here four years ago, the number of Microsoft certified professionals has risen from four to more than 600, said Michelle Lacombe, president of Microsoft Europe, Middle East and Africa.
Mobile action
MobiNil, EGYPT'S first mobile phone network operator, has recorded a 45 per cent increase in its net profits for the fourth quarter of 1999 with profits of LE90.4 million compared with profits of LE62.5 million during the previous quarter. This pushes MobiNil's profits for calendar year 1999 to LE140.8 million on revenues of LE1.5 billion, meaning that its shareholders realised returns of more than 750 per cent on their equity over the past year.Sound financial results were accompanied by dramatic growth in MobiNil's subscriber base which expanded by 130,000 customers during the last quarter to reach 540,000. To meet the needs of its clients, MobiNil doubled the number of both its employees and cell sites during the quarter.
Financial planning is another area in which MobiNil has achieved impressive results. Having repaid in full the bridge loan it acquired in February 1998 to obtain its operating licence, the mobile service company is now planning a LE340 million bond issue.
Latin ties
THE EGYPTIAN Ministry of Foreign Affairs, in cooperation with Egypt's International Economic Forum, will soon be hosting a two-day seminar to discuss the means of boosting economic relations between Egypt and Latin America. The seminar will be held on the sidelines of the Cairo International Fair scheduled to take place from 1 to10 March. The seminar is aimed at informing Egyptian businessmen of trade and investment opportunities in Latin American countries and increasing awareness in the private sector of the importance of opening up new markets.Egypt's attempts to establish closer economic relations with Latin American countries began in earnest last year. An Egyptian delegation headed by Sallama Shaker, assistant minister of foreign affairs for the Americas, made a 13-day tour of three Latin American countries. The visit resulted in the signing of an investment promotion and protection agreements with Chile and Uruguay. A memorandum of understanding was also signed between the Egyptian Export Promotion Centre and its Chilean counterpart during a later visit by a Chilean delegation to Egypt.
The Egyptian government has designated 2000 as the year for developing Egypt's economic relations with Latin America. In 1998, the collective volume of Latin America's foreign trade reached over $700 billion. However, Egypt's exports to this part of the world -- mostly oil and cotton exports -- have never exceeded $50 million annually.
Enviro-business
A DELEGATION of 20 British businessmen visited Egypt this week to discuss environmental issues and means for enhancing collaboration between the two countries in this regard.The visit follows Minister of State for Environmental Affairs Nadia Makram Ebeid's visit to England where she stressed the importance of involving British companies in Egyptian projects aimed at preserving the environment.
Welcoming the businessmen to Egypt, Ebeid inaugurated a seminar in which members of the delegation met with Egyptian officials and businessmen involved in projects concerning water and oil and other natural resources. Participants in the seminar discussed ways to ensure that Egypt's exports comply with international environmental law and the stipulations of the General Agreement on Tariffs and Trade (GATT).
In their meetings with Ebeid, members of the delegation discussed promoting energy efficiency, addressing industrial pollution and using natural resources more effectively.
