Qabil, S & P's delegation tackle progress of economy

Trade Minister Tarek Qabil on Saturday discussed with visiting delegation of Standard and Poor's progress achieved by Egypt's economy in light of reform plans adopted by the government.

The economic reform plan contributed to restoring Egypt's status on the global economy map, Qabil said, pointing out to the considerable amendments made to the country's legislation regarding trade, financial and monetary policies.

The reforms involved undertaking mammoth projects aimed at renovating the infrastructure of roads, ports and housing units along with increasing the power capabilities by 50 percent, the minister noted.

He pointed out to the ambitious strategy launched by his ministry in 2016 to boost Egypt's industrial development and foreign trade till the year 2020.

Under the strategy, the rate of industrial growth rate will reach eight percent annually, while exports will up to 10 percent annually.

Besides creating three million job opportunities, the strategy is meant to increase contribution of the industrial production to the Gross Domestic Product (GDP) from 17.7 to 22 percent.