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was quite clear that an open-door
policy would have to include open–
ing of !he door for foreign invest–
ment to begin with . ...
" Of course, Arab funds alone are
not enough . Development is not a
matter of funds. lt is not a matter of
capital only. Capital, of course, is
needed, but with capital you need
technology. And technology is not
available in the Arab world....
" So the idea of the open-door
policy is to try to make a com–
bination of Arab funds. the Egyptian
labor and skills, and the Western
technology- the technology of the
developed countries in general -
East or West , it doesn't matter.. ..
" The import bill actually tripled
between '72 and ' 75.. .. As for
coping with it, well you have to pro–
tect the limited-income group of
people in this country.. ..
" Therefore we are subsidizing.
The government is giving high sub–
sidies of certain food materials
which are of general consumption
to the people.
"Frankly speaking, tourism in
Egypt should have been much bet–
ter than it is at the moment. . .. We
are making more than 150 mi llion
pounds a year now from the tourist
industry, while other countries are
making billions. l'm sure the gov–
ernment is concentrating on giving
great support to the tourist industry,
and one part of its encouragement
is that it is giving the prívate sector
complete freedom, both foreign and
local.''
-
Dr. Hamad el Sayeh
President, National
Bank of Egypt
EGYPT
/S now introducing modern
farming methods in a desperate at–
tempt to provide enough food for its
rapidly increasing population. Citrus
fruits (top right). exportad from the
port of Alexandria, form a vital part of
Egypt's foreign trade. With the re–
opening of the Suez Canal on June
5,
1975 (center),
a
desperately
needed source of income is once
again available to Egypt's faltering
economy.
Though the secret po/ice of Nas–
ser 's time are mostly gone, police–
men and soldiers abound, like this
sergeant in Cairo anda group of mili–
tary men waiting to cross the Suez
Canal.
The
PLAIN TRUTH January 1977