Egypt is busy with preparing for hosting the World Economic Forum (WEF) due to be held in the Red Sea resort of Sharm el-Sheikh on May 20-22, the official MENA news agency reported Thursday.

According to the report, Minister of Foreign Trade and Industry Rashid Mohamed Rashid discussed Thursday the arrangements of the forum with Ministers of Investment Mahmoud Mohieddin, Minister of Housing and Utilities designate Ahmed al-Maghrabi and Minister of Tourism designate Zohair Garana.

The Ministry of Foreign Trade and Industry said in a statement that "the WEF decision to come to Egypt reflects the forum's recognition of Egypt's long-standing commitment to working for peace and stability in the region."

Egyptian officials said they hoped the meeting would further boost Egypt's tourism industry and promote the country's political and economic reform.

The WEF, a Geneva-based prestigious nonprofit organization, has served as a major venue for business, political and intellectual leaders to talk about pressing issues in the world.

The forum, usually held in Davos, Switzerland, also holds regional meetings throughout the year.

Source: Xinhua