An economic breakthrough is possible

Egyptian Minister of Industry Hatem Saleh believes his country has the potential to achieve an economic breakthrough. This promise is according to him supported by many positive indications, like the recent rise in activity in Egypt's stock market and the reduction of the trade balance deficit. In an interview with Arabstoday, Saleh said his ministry is developing awareness programmes to change the Egyptians' consuming habits. The programmes would also encourage the population to be more productive in order to gain higher wages. The Egyptian government’s priority is currently to guarantee sufficient food supplies for the Egyptian people in order to avoid any shortage. Saleh also revealed that his ministry is drafting required quality standards laws in order to control the unofficial trade in the country. He also said the ministry would draft new laws to guarantee intellectual property rights, which will make Egypt more competitive in industrial technology. On cooperation with foreign countries, Saleh said Egypt is set two sign two agreements with Spain and Italy to organise technical courses for the Egyptian workers in the fields of agriculture and food industries. Saleh said Egypt is investing into the food industry sector. He said they want to increase food exports to certain markets like Italy, China, Saudi Arabia and Sudan. A recent report issued by the World Bank said that 41% of the Egyptians are under the poverty line, a record that adds another massive challenge on the Egyptian government. Saleh is aware of this challenge: "We know that a significant change in the economic mechanism must take place in order to attract more investments that will provide more job opportunities to the Egyptians." Saleh concluded the interview listing positive figures about the recent performance of Egypt's economy. "Our exports increased by 18% in 2011 compared to 2010. The financial transfers from Egyptians working abroad also raised by 28%, while the Egyptian stock exchange index went up by 61% in August compared to January 2012." The minister said these positive signs were due to the political stability thanks to President Mohammed Morsi’s election.