Global Arab Network | Egypt offers incentives to increase industrial growth

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Egypt offers incentives to increase industrial growth

Global Arab Network - - Ammar Shikhani

Monday, 21 March 2011 16:10

Egypt’s Minister of Industry and Foreign Trade Samir el-Sayed asserted that he will adopt a package of incentive decisions to propel the industrial growth rates and bring them back to normal.

He said such decisions will include halving the value of the letter of credit on each meter of industrial lands from 200 to 100 EGP as well as postponing the standardization costs that should be paid to the General Authority for Industrial Development on the industrial installations which delayed their constructions for almost three months from the present.

Sayed's remarks were made during his meeting earlier in the day with Al-Obour Investment Society while touring a number of industrial factories that operate in the fields of foods, textiles and ready-to-wear clothes.

The Minister said such decisions also include helping the industrial projects, which were halted due to some hardships, as well as preserving Egypt's reserves of materials that are likely to be depleted such as copper scrap and leftover plastics.

Sayed also said he will review with the Finance Minister reducing the social insurance installments which amount to 40 percent of the workers' wages, asserting that he will fight all corruption spots in his Ministry. (SIS)

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