Egypt moved up to 70th position on the general competitiveness indicator for 2010, from 81st position in 2009, according to the seventh Global Competiveness Index (CGI).
The report attributed progress achieved in terms of general competitiveness to deteriorating conditions in other countries due to the international financial crisis. However, according to the report, Egypt moved downwards on market and education enrollment indicators.
During a launch presenting the results of this year’s report under the title “Green Egypt: A Vision for Tomorrow,” Minister of Trade and Industry Rachid Mohamed Rachid said the progress Egypt has achieved during the international financial crisis highlights the success of the government in dealing with crises.
Rachid emphasized the need for sustainable development given the scarcity of natural resources such as water and energy. He also criticized the government for continuing to subsidize energy, saying that allocating a subsidy of LE65 billion for energy encourages waste.
Hossam Badrawi, honorary chair of the Egyptian National Competitiveness Council (ENCC), said the government has assigned the ENCC with the task of preparing a strategic vision for competitiveness over the coming 20 years, which should be complete by the end of 2010.
Translated from the Arabic Edition.
