L.E 40 billion to be allocated to modernize industry and production
Egypt, Economics, 11/5/2001

Egyptian Minister of Planning and International Cooperation Ahmed el- Darsh stressed that the Egyptian government is fully aware of its commitments, especially as regards the Egyptian-European partnership.

He said that the government is intending to set up a huge industrial infrastructure on the long run through laying down modernizing programmes for the Egyptian industry.

This require pumping investments to the tune of 40 billion pounds into the industrial sector over the coming ten years.

Addressing the fourth annual conference of the Egyptian Association for Marketing Technology, the Minister said that the programme aiming at updating the industrial assets worth 240 billion pounds.

It also includes establishing a mechanism to support and rehabilitate the private sector through forming a special fund to be financed by the government, some foreign sources, factories and companies which are deeply concerned with modernization, he said, adding that this step could be achieved with close cooperation between the industrial technological centres.

The Minister pointed out the European Union extended a grant worth L.E. 1 billion to the Egyptian government channeled into the industry modernization programme.

He said that the Egyptian-European partnership acquires special importance as it helps back Egypt's strategy to liberalize foreign trade which embodied in Egypt's joining the World Trade Organisation (WTO) and its implementing a three-stage economic reform programme.

The Egyptian leadership sees that materialization of the Egyptian-European partnership could achieve the mutual interests of Egypt and the European Union countries.

He affirmed that the European Union is a very important bloc in toady's world.

The fourth annual meeting of the Egyptian Association for Marketing Technology discusses the key aspects of the Egyptian European partnership and both the negative and positive effects of the agreement on the agricultural products, services, marketing capabilities for commodities and Egyptian services.

Previous Stories:
  Biggest gold discovery in Egypt's Eastern Desert   (10/31/2001)
  Mubarak inaugurates Oyoun Moussa Power Station   (10/30/2001)
  Egypt, US discuss furthering economic, investment cooperation   (10/30/2001)

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

Search