Egyptian industry modernization
Egypt, Economics, 5/30/2002

Modernization of Egyptian industry is a life or death issue, not only for national economy but also for development opportunities and projected growth rates.

Head of Industry Committee of the People's Assembly, Amin Mubarak, stressed the importance of modernizing Egyptian industry as one of the pillars of development and progress, underlining that Egyptian industry absorbs some 20% of labor force and yields some L.E. 168 billion per annum, representing 6% of industrial exports' volume.

There are 26 thousand industrial institutions in Egypt, he added.

Dr. Mubarak said that Egyptian products would not be able to live up to foreign competition unless their quality is improved. In this vein, Industry Modernization Center has realized the following achievements:

First: Improving and developing training programs in 52 vocational training centers affiliated to the ministry of industry.

Second: Establishing 4 technology centers, out of planned 15, for spinning and weaving, food, leather and engineering industries.

Third: Forming administrative units of the strategic marketing groups that cover cabinetmaking, vehicles, leather and food industries.

Fourth: Forming policies and transformations division that works for helping the government and the ministry of industry in securing alternatives for removing hindrances of industry.

Fifth: Employment of expert promoters for determining the needs of industrial zones.

Sixth: Working for the formation of 56 centers for business resources by the end of 2002.

Seventh: Elevating capacities of some 60 Egyptian companies that have recently joined the program of modernizing Egyptian industry.

On his part, secretary general of Arab Investors Union and architect of Euro-Egyptian partnership, ambassador Gamal Bayyomi said that promoting Egyptian industry requires creation of favorable investment climate, restructure of both the ministry of industry and modernization center, besides renewal of structures of industrial establishments and factories.

These procedures would be carried out with the assistance of the EU pursuant to the Euro-Egyptian partnership agreement, he added.

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