EU-Egypt cooperation fuels industrial modernization
Egypt-European Union, Economics, 12/25/2001

Egyptian Minister of Industry Ali el-Saidi spoke before a Parliamentary Committee about Egypt's cooperation with the European Union (EU) to develop its industrial sector.

He told the Parliamentary Industrial Committee that since Egypt began its cooperation with the EU in 1997 it has got 40 million euros during the initial five-year programme to fund detailed studies of 400 companies, 11 % of which have already begun implementing the recommendations.

"The EU has already agreed to fund a second stage during which it will offer 350 million euros for modernization and 103 million in technical assistance," Saidi pointed out.

The new programme focuses on developing manpower improving marketing strategies, raising efficiency, upgrading production, reducing production costs and developing industrial areas. It also calls for upgrading the ministry itself and modifying legislation to reflect international developments.

"European countries were concerned about government intervention in the programme," Saidi said. "Thus it was decided to establish an independent authority, under government supervision; for modernizing national industry. The Higher Council for Industrial Modernization was established for that purpose."

Saidi chairs the Council, which includes members drawn from the private sector. The Council meets four times a year to review the programme's progress.

Saidi announced that he expects 4,000 Egyptian companies to be capable of competing internationally by the end of the programme's period in 2004.

Over 300 advisory offices and 30 specialised industrial centres will be established to study the country's progress in industrial modernization.

He added that his ministry would suggest a number of legislative modifications to Egypt's industrial laws, some of which are more than 50 years old.

Previous Stories:
  Egyptian-European finance to meda-2 projects   (12/22/2001)
  EU Parliament approves trade partnership agreement with Egypt   (12/1/2001)
  Egypt-EU partnership problems to be sowed   (11/15/2001)

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