French firms to asked share in industry modernization

Egyptian Minister of Industry Moustafa El-Refa'i urged French firms with advanced technology in the field of textiles, printing and painting to participate in the ministry's 10-year Industrial Modernization Programme (IMP).

He called for a new partnership in industry that would see the founding of French companies in Egypt to offer their technologies under contract to local textiles factories. Refa'i said that the arrangement would be mutually beneficial. The 10-year program will target 2,500 local textile firms, about 250 companies per year.

"The IMP is a visionary Egyptian initiative strongly supported by the European Union (EU)," Refa'i said. "Its goal is to enhance and consolidate the role of local industries and manufacturing in the global economy."