New Egyptian Plan to Boost Production
The Egyptian Minister of Industry and Technology Mustafa El-Refaai outlined a new economic strategy this week in an effort to upgrade local industry and raise the value of industrial production over a ten-year period, local press reported.
The plan is projected to raise the value of industrial production from LE 165
billion ($38 billion) in 2000 to LE 317 billion ($74 billion) by 2011. The Minister added that industrial exports are expected to increase from LE 8 (one billion) in 2000 to LE
75 billion ($75 billion) in 2011.
Earlier this month, Oil Minister Sameh Fami said Egypt would launch a $10 billion project to boost petrochemical production and take advantage of the country's natural gas reserves. The 20-year plan calls for the construction of 24 industrial complexes that will produce 15 million tons of petrochemical products each year, Fami stated. Some 100,000 new jobs will be created in the petrochemical sector, mostly in Alexandria, Dumyat and in the regions north of the Gulf of Suez. (Mena Report)
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