Export proceeds rebounded moderately in 1999, rising to USD 1.3 billion in comparison with USD . 9 billion in 1998. A more significant development, however, is the downward trend in net revenues received from petroleum and petroleum products. In 1999 Egyptian posted a gain of USD 776 million from the export and import of crude oil and other products, versus USD 1.5 billion in 1997. The government is working hard to secure its first liquefied natural gas export order by year's end, a key step towards developing this sector. Development of the infrastructure to support LNG exports in two to three years' time will offer significant business opportunities.
Agriculture remains one of Egypt's most important sectors.
Despite productivity gains since the mid-1980s, Egypt remains one of the world's largest food importers. The project aims to double the size of Egypt's arable land in fifteen years' time. The government will finance up to 20 to 25 percent of the total expense of digging the canal, with the balance of funding expected to come from the private sector. The government has made high technology development a priority, as well as attracting export-oriented manufacturing firms to establish in Egypt. Tax and other incentives are generous for such enterprises.