Egypt is gaining recognition in the West for its long and dutiful economic reforms, reports Sherine Nasr Egypt has become the first Arab and first African country to sign the Organisation for Economic and Co-operation Development (OECD) Declaration on International Investment and Multinational Enterprises. The signing ceremony, which took place on 11 July at OECD headquarters in Paris, was attended by Minister of Investment and OECD Secretary-General Angel Gurria. According to Mohieddin, the invitation to adhere to the OECD Declaration comes in recognition of Egypt's impressive progress in recent years in pursuing policy reforms aimed at improving the country's investment climate. "This declaration is a way for governments to commit to improving their investment climates, ensuring equal treatment for foreign and domestic investors and encouraging the positive contribution that multinational companies can bring to economic and social progress," said Mohieddin before embarking to Paris. In preparation for Egypt's adherence to the OECD Declaration, a report was prepared examining Egypt's evolving position in the global economy, investment policies, promotion and facilities. The report also examined Egypt's membership in international organisations, measures adapted for transparency and openness to foreign investment, investment guarantees and incentives law in addition to the procedures for establishing an enterprise in Egypt. Reform policies that have been adopted in the past few years have had a positive impact on many of the issues examined by the OECD. "Inward flows have been rising rapidly and steadily in recent years. Between 2000-2001 and 2006-2007, investment inflows increased more than fifteen- fold," indicated the report which added that these increasing inflows have been largely in response to the ambitious reform programme started in 2004. Signing the OECD Declaration will mark the beginning of a new era for Egypt as a major country in the region attracting investment. As an adherent to the Declaration, Egypt will establish a National Contact Point at the Ministry of Investment which will be "visible, accessible, transparent and accountable and serve to make the guidelines better known to businesses, labour representatives and other interested parts of Egyptian civil society," according to the OECD investment policy review. The Egyptian government will also accept the commitments and the need to give due weight to the interests of other signatories affected by laws and practices in this field, and will endeavour to make measures as transparent as possible.
