President Mubarak’s economic development proposals discussed
In a recent meeting attended by Prime Minister Atef Ebeid and several Egyptian business figures, various ways of promoting the country’s industrial sector were discussed within the framework of the Egyptian-European cooperation agreement.
Participating in the meeting were representatives of the Holding Company for Chemical Industries and the head of the ASEC agency for consultations on developing cement.
Programs set forth by President Mubarak were the focus of the meeting’s agenda, according to Egyptian Minister of Industry Moustafa Refai. These programs involve over 112 billion Egyptian pounds ($28.9 billion) over the next decade.
Of this amount, EP 56 billion will be allocated to the development of preexisting manufacturing plans, while EP 56 billion will fund the replacement of various other factories.
Further government incentives for investments in the industrial sector include exemptions from taxes and customs charges.
Furthermore, the establishment of engineering companies and committees in cooperation with foreign consulting firms to develop Egyptian yarn, leather and food products was also suggested. –(MENA Report)
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