Al-Ahram Weekly Online 30 August - 5 September 2001 Issue No.549
Published in Cairo by AL-AHRAM established in 1875		Current issue | Previous issue | Site map

The importance of exports

SPEAKING on domestic issues, President Hosni Mubarak conceded that the rate of economic growth during the last two years left much to be desired. "This was partly due to some economic policies, which were not exactly sound, and partly due to the regional and international climate which affects us," he said. He added, "Everybody is suffering from recession. The government is adopting policies for a faster growth rate and greater investments. These policies, however, will take some time."

Referring to the recent devaluation of the Egyptian pound, Mubarak said the government took action necessary for restoring stability and flexibility to the exchange market. He explained that the new rate system will make Egyptian exports more competitive in international markets.

Mubarak also underlined the importance of promoting exports and removing obstacles that stand in the way. "The minister of economy has been commissioned to achieve this, and he will be held accountable for realising export targets," he said.

He continued, "we should stop levelling accusations against the private sector. It is true that there were mistakes, but the strategic objective should not be questioned. The private sector has played an important and effective role in promoting investments and creating job opportunities in the past 15 years."

Answering a question on the activities of political parties, Mubarak said that parties "should gain strength, renew their blood and search for solutions that would ensure their development." He deplored the fact that some parties content themselves merely with the publication of newspapers, while others suffer from internal divisions.

"Unless the parties develop their performance and become more effective, democracy will be in danger," Mubarak warned. "Without the full role of the parties, democracy will be deficient. All parties, including the National Democratic Party, should re-arrange their papers and develop their structures," he said.

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