Secretary-General Angel Gurría discusses the efforts of the OECD to support Egypt, Jordan, Morocco, Tunisia and other MENA countries to restore investor confidence, tackle unemployment and foster policy conditions for strong, sustainable and balanced growth.
This assessment of Egypt's business climate identifies policy priorities and proposes specific reforms and actions to enable Egypt to achieve measurable improvements in its business climate.
Opening this event in Marrakesh, Angel Gurría underlined that the economic crisis has not spared the MENA region, with a significant economic contraction and a severe impact on the labour markets. According to the Secretary-General, the MENA-OECD Initiative can serve as a model for effective co-operation in building the global economy of the future.
The MENA-OECD Investment Programme seeks to mobilise investment—foreign, regional and domestic—as a driving force for growth, stability and prosperity throughout the Middle East and North Africa (MENA) region. This programme is part of the MENA-OECD Initiative on Governance and Investment for Development (www.oecd.org/mena).
On 11 July 2007, Egypt became the first Arab and first African country to sign the OECD Declaration on International Investment and Multinational Enterprises. This marks a new stage in Egypt's drive to attract more foreign direct investment (FDI). A series of policy reforms have helped to underpin a fifteen-fold increase in Egypt’s FDI between 2001 and 2006. FDI reached a record USD 9 billion in the first three quarters of its 2007
In July 2007, Egypt became the 40th country to adhere to the OECD Declaration on International Investment and Multinational Enterprises. The adherents to the Declaration commit to providing national treatment to foreign investors and promoting responsible international business conduct. During this process, Egypt undertook a thorough review by OECD members of its international investment policies using the Policy Framework for