EU to upgrade the Industrial Modernization Program

Addressing a seminar held recently on Egypt's Industrial Modernization Program (IMP), Minister of Industry and Technological Development Ali El-Saeedi pointed out that the IMP's main axes to be achieved in the short run includes raising the competitiveness of about 5000 industrial establishments, rehabilitating 30 consultant offices besides establishing 15 centres for developing the Ministry.

El-Saeedi announced that talks are currently underway with the European Union to extend the period of the Egyptian European Programme to the year 2006.

Furthermore, the EU-supported-programme assistance will also be given to the Ministry to facilitate growth of the private business sector and provide a more business- friendly environment with associations and other related organizations to address the needs of the business sector.

'The EU has provided specialized technical assistance and granted approximately 250 million Euros to the IMP, which is the largest programme to be funded outside of the EU,' Saeedi said.

It is worth noting that 40 small and medium-scale projects seek joining the EU programme besides some 20 companies enlisted in the programme.

According to Tharwat Adam, Executive Manager of the EU programme, the forthcoming stage will focus on textiles and ready-made industries, one of Egypt's promising industries. The programme offers technical and technological consultancy, marketing, as well as promoting exports at the value of 100,000 Euros per each company to be raised to 200,000 Euros in the next stage.