Minister of Foreign Trade, Industry and Investment Mounir Fakhry Abdel Nour announced that around 397 companies in Egypt, of which 87% are small and medium enterprises (SMEs), have benefited from developments of the Industrial Modernisation Centre (IMC) during the first half of the fiscal year (1HFY) 2013/2014.
Abdel Nour said that the centre will hold several meetings with representatives of various sectors and chambers to determine their demands and define challenges they face. He added that IMC’s programmes, currently under development, will help improve the competitiveness amongst industrial companies, increase production capacity and quality, raise the efficiency of workers and assist in exporting to overseas markets.
Chief Executive Officer at IMC Ahmed Taha stated that the centre aims to offer 2,084 new services to support around 625 industrial entities. He pointed out that following these services, the growth rate for the industrial companies will range between 5% and 7% in addition to offering 5,000 job opportunities.
Abdel Nour announced on Saturday that global technology company Samsung, along with Yemen’s Hayel Saeed Anam Group of Companies (HAS), will pump $100m worth of investments in Egypt. Samsung plans to invest around $60m into its Beni Suef manufacturing facility while HAS is willing to invest in solar panel production.