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Bahrain Conference

The American Chamber of Commerce In Egypt held a one-day conference in Bahrain, "Egypt the emerging market," on November 1, 1997, to increase cooperation, develop economic relations, and encourage direct and indirect investment in Egypt and Bahrain. The event was in conjunction with the Arab Banking Corporation.

According to Bahraini minister of trade Ali Saleh Al Saleh, Bahrain is a capable partner for Egypt. Nevertheless, figures show that the investment between Egypt and Bahrain remains limited. AmCham president Ahmed Shawki revealed that Bahraini investments in Egypt amount to LE 269 million, or just 3.1 percent of total Arab investment in Egypt. Bahrain has invested in 33 projects, 17 in industries, 12 in finance and two in construction.

In Egypt, total direct foreign investment since the beginning of the structural reform program has reached LE 64.7 billion. Mohamed Ashmawy, general manager of CIB, said the combined value of Arab and foreign investment is around 30 percent of total investment, while the Egyptian private sector contributes 70 percent, consolidating the stability of the Egyptian market.

Shawki said that the Egyptian government has made efforts to develop cooperation between the Arab markets. Abdel Hamid Ibrahim, chairman of the Capital Market Authority, said the stock market was now ripe for investment and Egypt’s minister of finance Mohieldin El Ghareeb said that profits made on the stock market were exempt from taxes. In addition, the government plans to remove the obstacles to greater investment by the private sector in infrastructure projects like power stations, airports, free zones and agricultural and industrial projects.

"These changes occurring in Egypt should attract more Arab capital to Egypt because of a very high return on investment," said Ibrahim Fawzi, executive director of the General Authority for Investment.

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