Global Arab Network | 7 Investment zones built – Egypt seeking industrial growth rates at 10%

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7 Investment zones built – Egypt seeking industrial growth rates at 10%

Global Arab Network - - Rabih Serrai

Monday, 05 April 2010 21:15

Egypt's government has initiated a plan to develop internal trade and industry with the aim of increasing industrial growth rates, Egyptian Prime Minister Ahmed Nazif said.

The plan envisages the establishment of trade and industrial zones in accordance with the growth plans and projects that would help curb unemployment and create massive job opportunities, the premier said in a cabinet meeting last week.

The government is seeking to bring back Egypt's annual industrial growth rates to 10 percent in the wake of a slow-growth period due to the repercussions of the global financial crisis, Nazif added.

Trade and Industry Minister Rachid Mohammed Rachid, during the meeting, gave a detailed presentation about his Ministry's plan to upgrade industrial zones across Egypt and promote their specializations in accordance with their governorates' potentials.

Rachid also reviewed a plan to develop internal trade which aims at increasing economic activities across the country.

He pointed to a programme aiming to establish seven logistic investment zones in Mansoura, Tanta, Damanhur, Kafr el-Dawwar, Port Said, Beni Suef and Luxor.

Minister Rachid, during the presentation, noted that the ministry's plans managed to lure 51 billion EGP in 2009-2009 in industrial investments compared to 6 billion in 2003-2004.

Premier Nazif also reviewed the Trade and Industry Minister's industrialization strategy for the next four years. (SIS)

Global Arab Network

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