CAIRO: Minister of Trade and Industry Rachid Mohamed Rachid met Tuesday European Union (EU) ambassadors to Egypt to discuss economic ties, the ministry said in a statement. Rachid and representatives from some 24 embassies discussed the status of various projects being developed under the umbrella of the Union of the Mediterranean. There are 113 proposed water-related and environment projects; 17 shortlisted transport projects; and 150 proposed projects in the sustainable energy sector. Officials called for projects in sustainable urban development. Rachid said these projects will help address "areas of concern for countries in the region.and facilitate the realization of the increased need for north-south integration. The biggest challenge facing is securing sufficient funding for these projects and making sure the political aspect of the UfM does not hinder the development on the economic front, the ministry statement said. There is also a mismatch of financial resources and technology suppliers. Earlier this year at a conference bringing together financial and development agencies with investment funds from the region, $32 billion in funding were announced. Launched in 2008 with French President Nicolas Sarkozy and Egyptian President Hosni Mubarak co-chairing the presidency, the Union for the Mediterranean (UfM) works towards further integration between EU members and countries south of the Mediterranean. "Built around a set of common priorities and a framework that can facilitate development . this union will drive the economic growth of countries north and south of the Mediterranean, Rachid said. Bilateral trade between Egypt and the EU reached ?20.82 billion in 2008, the according to ministry figures. Egyptian exports to the EU reached ?8.09 billion and imports from the EU totaled ?12.73 billion. Total EU investments in Egypt amount to LE 46.18 billion. Rachid also spoke of the performance of Egypt's economy over the past year, citing a growth rate of 4.7 percent in fiscal year 2008/09, above analyst expectations. The economy was buoyed on growth rates in particular sectors such as construction, which grew by an average of 11.4 percent, Rachid said. -Daily News Egypt
