Egypt says foreign investments unaffected by Alexandria bombing

The Egyptian government asserted on Saturday that the New Year's Eve Alexandria church bombing, which left 23 dead and injured scores, has not affected the flow of foreign investments in Egypt.

The General Authority for Investment and Free Zones Chairman Osama Saleh said that the rate of new investment in Egypt were not affected over the past week, pointing out that the investment atmosphere is generally stable in the country.

Saleh added that this stability becomes clearly evident when comparing the rates of incorporation before and after the attack.

He pointed out in a statement on Saturday that in the last week of December 2010, that is to say immediately before the attack, an average of 28 companies per day were founded. Meanwhile, 57 companies were founded on the Sunday and Monday after the attack, that is, an average of 28.5 companies per day.

Ibrahim Al-Ashmawi, assistant investment minister, asserted that the ministry did not see any indications that the flow of foreign investments into Egypt after the attack will be affected.

In a statement to Al-Masry Al-Youm, Ashmawi said that a single incident does not affect the whole atmosphere of investment or economic growth. The key factor for negative impact is the recurrence of such incidents.

He added that the tourism sector, the sector most sensitive to terrorist attack, has not been affected. He said that there have been no bookings cancellations and the influx into touristic sites has continued.

He said that the ministry is moving ahead with its policy that aims to attract foreign investments worth US$10 billion over the next three years.

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