Investors urged to introduce modern technology into local industry
Egypt, Economics, 8/13/2001

Egyptian Minister of Industry and Technological development Mustafa El-Refa'ai called on textile manufacturers to put more effort into exporting to foreign market.

EL- Refa'ai said that manufacturers should make full use of the big markets with a large demand for textiles, urging them to introduce modern technology into the local industry.

The top industrial official added that the Ministry of Industry, which is keen on developing Egyptian exports, constantly monitors the big international markets so as to advise exporters on appropriate opportunities available worldwide.

El-Refa'ai urged manufacturers to pursue promising markets, pointing out that the Chinese market for Egyptian exporters, especially in the field of textiles and industrial fibers, is very promising .The Chinese market's demand for industrial textiles, which recently rose to 1.736m tons, is expected to increase to 2.620m tons by 2010.

For modernizing industry, the government has given a lot of attention to the textile, foodstuff and leather sector, which have great potential to expand their dealings in the foreign market.

Egypt has prepared a total of three programmes to modernize industry and to prepare it to face up to international competition.

The first program will cost 450 million euro (including a European Union contribution of 250m. euro); the second will cost LE 500m. (paid for totally by the government), and the third LE 112 bn. over 10 years (with the industrial private sector financing the lion's share).

Previous Stories:
  Banks exchange offices compete to lure customers   (8/9/2001)
  US investments in Egypt on rise   (8/9/2001)
  New foreign exchange regime bearing fruit   (8/9/2001)

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