Cairo hosts second stage of Euro- Mediterranean Program

Industry and Technological Development Minister Mustafa E1 Refai said that the second stage of the Euro-Mediterranean programme "Egypt 2000, has started. About 2000 Egyptian companies were selected to execute Euro-Mediterranean projects under the programme, he told a meeting held on Sunday night in Cairo.

Chiefs of 400 Egyptians companies represented Egypt at the meeting as well as the head of Social Fund for Development (SFD) EU representatives diplomats in Cairo besides heads of international finance agencies. The Minister of Industry thanked the European Union for choosing Cairo to host the Euro-Mediterranean meetings.

The two-day final meetings of the program will be opened in October by Prime Minister Atef Ebeid. Directors of 1, 400 companies will participate in the meeting, including the 400 Egyptian companies. Egypt phased in the free market economy from central economic planning and state ownership, he said, adding that the EU is the biggest Egyptian partner.

European imports to Egypt hit 45 percent of her total imports.

The Minister said that trade with Egypt does not necessarily mean importing from the EU consumer or capital goods; but we prefer dealing with a strong partner so as to avoid weakening the Egyptian economy.

He said that the best form of economic cooperation at present is building joint projects, and hoped that Euro Mediterranean meeting lead to discovering unlimited prospects of joint projects.

"The European partner, on its part, will benefit from the positive investment climate available in Egypt," Refai stated.

He cited the incentives of the Egyptian economy; low wages of Egyptian workers, tax exemptions, affordable land prices, growing market, low power cost and the presence of an excellent infrastructure in new industrial zones.

He promised that his ministry would advance all the facilities necessary to provide information on the available investment opportunities and ease administrative measures.