A new plan to develop local markets
Egypt, Economics, 11/6/2000

Egypt's Prime Minister Atef Ebeid Sunday urged business organizations, chambers of commerce and investment associations to meet at least once every year to look into their problems and come up with the best solutions.

"This meeting will serve as a new example of cooperation among these organizations," he told a ceremony marking the reopening of the Cairo Chamber of Commerce premises after its renovation.

He proposed cooperation between Egyptian chambers of commerce and their equivalents overseas "to help in developing the daily performance republic-wide".

"Partnership between the business organizations and the government should be fruitful," he said.

Ebeid added that the government drew up a plan to develop the local markets in a way that serves the home trade.

He praised the experiment in setting up occasional sales for certain purposes like the recent fair held two months ago for the stationery and school pupils' needs.

On his part, Khaled Abu Ismail, head of the Federation of Chambers of Commerce said the Federation is looking forward to an influential role in upgrading the country's commercial activity and taking part in the process of economic decision making.

Meanwhile, Prime Minister Atef Ebeid issued a decision to set up a new industrial area for small-and medium-scale enterprises (SMEs) over 300,000 square meters on Belbeis-Ramdan 10 Road, said Mohammad Al-Ghamrawi, Chairman of the General Authority for Investment and Free Zones.

The investment industrial projects to be established in the area will enjoy privileges and exemptions of the Investment Law no. 8 of 1997, including tax exemptions for 10 years beginning as of the first year of the date of production, he added.

Ghamrawi noted that the new industrial area is close to Ramadan 10th City, which would help meet its industry investment and requirements, adding the area will help Egypt to absorb more investments via increasing lots of land of full-fledged infrastructure and utilities necessary for investment projects.

The Authority is especially interested in providing marketing assistance and promotion to attract more investments for these industrial areas which hit 38.

The Cabinet will discuss a comprehensive report on Tuesday's meeting on the legislative steps and facilities necessary to double foreign direct investment into Egypt, especially in information technology, natural gas, petrochemicals, and industry development.

Previous Stories:
  US parliamentarians talks with Egypt on free trade area   (11/4/2000)
  First Egyptian private channel on Nilesat 102   (11/4/2000)
  Mubarak calls on COMESA Leaders to meet in Cairo   (11/2/2000)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search