Rasheed: Egyptian exports to Europe doubled

Egypt's Minster of Foreign Trade and Industry Rasheed Mohamed Rasheed announced that the total Egyptian exports amounted to $ 6 billion in the fiscal year 2004-2005, up by 36% compared with 2003-2004.

Industry growth rate went up by 3.9% in the third quarter of the fiscal year 2004/2005, he said, adding that total investments in industrial sector stood at LE174 billion.

In a symposium under the rubric of "Future Vision of Competitive Capabilities of Egyptian Industry and Trade," the Minister said that the Ministry's plan in the coming five years aims at achieving the third generation of the reform plan through establishing 1000 factories, at a rate of 200 factories providing 200 job opportunities annually.

The Minister said that he will sign an agreement with the Ministry of Petroleum to provide these factories with natural gas for 7 years.

The Minister confirmed that Egyptian exports to European markets increased by 50% following signing the Egyptian-European partnership agreement.