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Egypt: New facilities to promote industrial development

Global Arab Network - - Gamal Ragay

Thursday, 19 May 2011 21:55

Egypt New facilities to promote industrial development

Global Arab Network - The industrial development strategy, which was finalized recently by the Trade and Industry Ministry, includes a range of legal facilities to push forward the industrial development and support the private sector, affirmed Industry Minister Samir el-Sayyad.

In statements on Tuesday 17/5/2011, el-Sayyad said that these facilities aim at upping industrial sector rates and increasing the industry sector contribution to the gross domestic product (GDP), thus, increasing the industry's ability to generate jobs.

The General Authority for Industrial Development is currently studying facilities that would be offered to the industrial sector, as it is considered the main arm of the ministry to implement the necessary industrial policies to develop the sector, the minister added.

The authority has great potentials that allow it to play a main role in promoting industrial development, el-Sayyad said.

Minister of Finance Samir Radwan said the coming stage would witness the announcement of the state budget in order to give the society a chance to discuss it.

He said the volume of subsidies in the new budget amounts to LE 166 billion as a result of prices increase, especially oil derivatives.

Radwan stressed the importance of reaching a community consensus on subsidies, adding the coming stage would witness implementing a national program for reactivating national economy.

He said the ministry is about to issue a new bond for the Egyptian expatriates with the aim of increasing the state resources and cutting down foreign debt which amounts to $ 35 billion.
"Egypt without Poverty" program will be implemented and will be covered by the state funds after their recovery, Radwan remarked.

On the expected presidency appropriations, Radwan said they amount to LE 5 billion, adding a monitoring body would be installed to oversee expenditures.

On the other hand, Radwan will hold a press conference on Thursday 19/5/2011 during which he will review the situation in Egypt following the January 25th Revolution and the role of financial policies in facing the current crises. The conference will be held in coordination with the International Labor Organization (ILO).

It will focus on obstacles that might interrupt the pace of economic growth as well as means of promoting investments, said a source from the ministry.

Global Arab Network

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