Egyptian privatization committee reviews projects with Korean companies

The Egyptian ministerial committee on privatization, meeting yesterday under Prime Minsiter Kamal El-Ganzouri, discussed four joint projects with Korean companies.

The committee approved a draft agreement for joint production with Daewoo of buses, trucks, and engines, to be signed in the next few days.

Negotiations between a Korean company and Alexandria's Am-Ameriya Spinning and Weaving Company on establishing a $100 million joint company were reviewed.

The committe signed a draft agreement for subscription in a project to develop the Egyptian Communications Company by setting up a joint company with a consortium of international Japanese, Korean and Arab companies to produce telephone equipment.

The committe also reviewed a contract to develop the Alexandria dockyard after restructuring. Korea would provide management to modernize the dockyard and market its services, which currently include repairing ships and cutting them at scrap shops. This contract would develop into a partnership agreement.