LE 122 billion investments to modernize private sector in 10 years
Egypt, Economics, 6/24/2001

The Egyptian Prime Minister Atef Ebeid on Thursday held a meeting with a group of industrialists on means of upgrading industry according to President Mubarak's directives to live up to the Egyptian-European partnership agreement.

The agreement will be signed late this month. Following the meeting, Industry Minister Moustafa Refa'i said that the meeting was held with the aim of prompting the implementation of the directives of President Mubarak.

The investments estimated that implementing the Egyptian industry development programme for the private sector will hit LE 112 billion during the coming ten years, with LE 56 billion to develop standing factories and LE 56 billion to replace existing industries with up-to-date ones, the minister said.

The industries will be exempted from tax and customs duties as an indirect contribution as well, he said.

The meeting, which Refa'i attended, included the head of the Holding Company for Chemical Industries and head of the ASEC agency for specialised engineering consultations on developing cement.

Refa'i said the meeting discussed prospects for setting up engineering companies and boards in collaboration with international companies in technical consultancy to develop the three categories of the Egyptian industry; yarn, foodstuffs and leather.

Previous Stories:
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