CAIRO: Despite the apparent decline of economic activity and investment worldwide, the Egyptian market maintains a steady growth in its domestic investment rates, Chairman of the General Authority for Investment and Free Zones (GAFI) Osama Saleh said. Speaking during a meeting of the Canada-Egypt Business Council (CEBC) last week, Saleh said that while the global financial crisis has impacted the rate of foreign investment in Egypt, it is still at relatively healthy levels. The meeting brought together officials form both sides to discuss Canadian investments in Egypt and enhancing bilateral ties. Saleh spoke on a panel comprising Minister of State for Administrative Development Ahmed Darwish, Egyptian Tax Authority Chairman Ashraf El-Araby, Canada-Egypt Business Council Chairman Moataz Raslan as well as the Canadian Ambassador to Egypt Ferry de Kerckhove. Saleh highlighted Egypt's measures to create a business-friendly environment, which has brought Egypt to the top of the list of North African countries attracting foreign direct investment. He also stressed the importance of supporting small- and medium-sized enterprises, which accounts for around 60 percent of the country's workforce, as a way of creating job opportunities and promoting economic growth. He pointed to the Nilex, the stock market for SMEs, as a way of promoting investments in these businesses. -Daily News Egypt
