CAIRO: Prime Minister Ahmed Nazif has been assuaging the concerns of local and foreign investors who worry that the ongoing issue of Egypt's presidential succession may harm the country's economy. Speaking at the opening ceremony of the fifth round of the Arab Business Council Saturday, Nazif insisted that the handover of the presidency in 2008 will be governed by the Egyptian constitution. He pointed to what he described as the consistently "peaceful and constitutional transition of power since the revolution in 1952, and urged the members of the council to continue to invest openly in the country's economy. He stressed that despite "economic and political challenges, Egypt enjoys a healthy economic balance, and called for better use of natural and human resources in the Arab world as a whole. The prime minister made the same reassurances in an interview with London-based Arabic newspaper Asharq Al Awsat, saying there was no room for concern regarding Egypt s political future. Dr Hamed Shamma, assistant professor of management at the American University in Cairo, argues that despite the controversy surrounding the issue of succession, Egypt is becoming more stable politically, and remains optimistic about the country's investment prospects. "This is not only what I am saying, Shamma told Daily News Egypt. "Everybody recognizes that the (business) environment here is attracting more and more investors. All indicators are showing that the investment situation is very positive. International Finance Corporation s (IFC) Middle East and North Africa Director, Michael Essex, points out that Egypt is now among the world's leading economic reformers according to the joint IFC/World Bank 2008 Doing Business report. Investors, he told Daily News Egypt, are confident that the Egyptian government will continue with its reforms, as evidenced by the continued substantial foreign direct investment and investment by local companies. Egypt over the last 3-4 years has been implementing a program of economic reforms that have improved the enabling environment for business . (And) investors remain confident that the regime of reform will continue over the long term.
