Trade minister in talks with Moody's delegation

 Trade and Industry Minister Tarek Qabil stressed on Wednesday that the ministry is taking steady and balanced steps to carry out a strategy to enhance industrial development and foreign trade.
Qabil, at a meeting with a delegation representing Moody's credit rating agency led by Vice President and senior analyst Steffen Dyck, said the ministry's steps run in line with the Egyptian government's 2030 sustainable development strategy that aims at coping up with global economy changes and international trade movement.
Qabil's talks with the delegation covered the Egyptian economy as well as the impact of the current economic reforms on Egypt's credit rating.
Qabil said the ministry's strategy relies on achieving industrial development, increasing exports, developing small and medium-sized projects and upgrading technical education. 
The strategy aims at luring more investments in the industrial sector and increasing growth rate to 8% annually, exports rate to 10 percent annually and industrial product's share in the GDP from 17.7% to 21% as well as creating 3 million jobs, the minister said.
Qabil reviewed the steps taken by the ministry so far to promote the Egyptian economy and lure more investments, including introducing a package of administrative and procedural reforms, setting up a special body to boost small and medium-sized projects, enacting the new investment law and putting out to tender 16 million feddans in industrial cities.
Dyck, for his part, said the delegation's visit to Cairo aims at assessing the progress of the Egyptian economy over the past five months, especially after the latest economic reforms taken by the government.
He lauded steps taken recently by the government to develop infrastructure, facilitate procedures related to industrial investments and reduce deficit in the trade balance.

Source: Mena