Program to raise industry's share of development to 20 percent
Egypt, Economics, 5/21/2002

Egyptian Minister of Industry and Technological Development, Ali Al-Saeedi said both the national and European programs for upgrading the Egyptian industry aim at increasing the industry's share in the development process to 20 percent. This besides encouraging industrial and exporting activities, developing the weaving, iron and steel as well as small industries.

In recent statements to the People's Assembly, Saeedi noted that the European programme allocated 353 million euros for modernizing the Egyptian industry.

Moreover, he said that a specialized council was formed for developing a leather of factories, adding that the leather industry will gain special importance within this context.

Meanwhile, Saeedi last week conferred with a visiting Italian industrial delegation on means of promoting Italian investments in Egypt, besides removing obstacles hindering the development of industrial cooperation between the two countries.

Saeedi referred to Italy's big contribution to many Egyptian industries, saying that Italy comes in first position in respect to the volume of trade exchange with Egypt, while it ranks second in terms of industrial investment.

The Minister reviewed the role of his Ministry in serving industrialists planning for industrial ventures and working out necessary legislations, besides helping the investor select the designated projects along with preparing the feasibility studies.

He also referred to the efforts exerted by the government to reform customs inconsistencies, as well as reconsidering taxation rules which impede the flow of foreign investments into Egypt.

Quality is one of the axes upon which the industry modernization program is based, Saeedi said, stressing the importance of standardization measures in improving production and upgrading its competitiveness.

On the other hand, Sa'eedi underlined, during a recent meeting with the 10th of Ramadan Investors' Association, the necessity of starting strategic planning for the City during the coming 20 years, instead of counting on random investments which prevailed in the past years.

He called for setting up marketing companies in various domains so as to facilitate marketing the City's products, besides establishing specialized firms for ensuring the required manpower for all plants.

The government also decided to update the Industrial Development Bank of Egypt (IDBE), in cooperation with the World Bank so as to enable the Bank carry out a prominent role in providing facilities to local industrialists, Saeedi further noted.

The food industries sector gains a major priority under Egypt' a Industry Modernization Programme (IMP), which aims at enhancing competitiveness of small and medium-scale industries, hence boosting the Gross Domestic Product (GDP), according to Tharwat Adam, Executive Director of the Programme.

Egypt endeavours to upgrade the factories through applying state-of-the-art technology, he said, noting that 75 plants are now included in the programme, covering the sectors of weaving, engineering, leather and food industries.

Some 426 million euros have been earmarked for implementing the first phase of the Programme, a part of which will be allocated for upgrading the Egyptian exports, Adam said during a recent meeting at the Federation of the Egyptian Industries (FEI).

FEI Secretary, Shafik Boghdady said the State has worked out two programmes for modernizing industry, the first of which is a national one financed by the government, and the second in cooperation with the EU.

He also suggested establishing an Egyptian fund for financing the modernization process of the two programmes.

Chairman of the Chamber of Food Industries, Safwan Thabet stressed the importance of this sector which plays a vital role in increasing the volume of exports.

Previous Stories:
  Suez power station raises its own funds to increase capacity   (5/20/2002)
  Egypt's banks and stock markets to efficiently collect and direct all citizens savings into investment and new companies   (5/20/2002)
  Debate and expert testimony before parliament end with new money laundering bill   (5/20/2002)

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

Search