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Deputy PM: Egypt committed to market economy

Egypt is committed to the market economy policy, which enforces governments to support institutions that respect the rule of law.

Egypt is committed to the market economy policy, which enforces governments to support institutions that respect the rule of law, Deputy Prime Minister and Finance Minister Hazem el-Biblawi said.

The Egyptian government is keen to restore security to pre-revolution conditions as soon as possible, Biblawi said during a meeting Thursday 06/10/2011 with Italian Ambassador to Egypt Claudio Pacifico.

The Egyptian economy can overcome the repercussions of the present crisis, engendered by internal circumstances and the re-emergence of the global crunch, he said.

Italy strongly supports Egypt in this period and has been encouraging Italian investors to invest in Egypt, said Ambassador Pacifico.

Market economy is an economic system that works on the assumption that market forces, such as supply and demand, are the best determinants of what is right for a nation's well-being.

Biblawi also met Thursday with the Egyptian side partaking in the Egyptian-US business council, led by Executive Director of the American Chamber of Commerce in Egypt Hisham Fahmi, which is preparing for a visit to the US.