Investment minister opens Misr Synthetic Silk polyester plant

12 May '10

2 min read

The Minister of Investment, Dr. Mahmoud Mohieldin, visited some affiliated companies in Alexandria such as the Egyptian Copper Works Co. where he reviewed the company's development plans.

A labor conference was held during the visit, in which the Minister reviewed the development plans of some Ministry of Investment-affiliated businesses in Alexandria

"As part of the Asset Management Program, huge investments are being injected into affiliated companies across the country," Dr. Mohieldin said.

"A total EGP 777-million investments were injected into public business companies in Alexandria over the past five years alone. Investments worth EGP 188 are expected to be implemented during the coming period," the minister noted.

Dr. Mohieldin reviewed the efforts made to settle the EGP 32-billion debt of public business companies. He said, "Debts will be fully settled by July."

"Those debts would have climbed to EGP 47-EGP 52 billion without the settlements made," he added.

"Fresh investments to the tune of EGP 20 billion were injected into affiliated companies since 2004, including EGP 6 billion during the current fiscal year. It is expected to inject more EGP 6.5 billion during the coming fiscal year."

Regarding the workforce, Dr. Mohieldin said some 72,561 new workers joined affiliated companies since 2005, of whom some 33,723 benefited from the previous decree on converting casual workers into full-time workers after the passage of three years.

"The new decree on appointing workers after the passage of only one year comes in favor of 19,564 workers now and some 13,626 next year," Dr. Mohieldin said.

He said that workers would receive two bonuses; one in July 2010 and the second in Jan. 2011.

"It is important to improve the skills and performance of public business companies' leaders through top-level management programs," Minister Mohieldin said.

Dr. Mohieldin also inaugurated the polyester plant of Misr Synthetic Silk Co. in Kafr el-Dawwar with investments of EGP 221 million, including EGP 91-million from Chinese loans, EGP 70 million from the company's own resources, and EGP 60-million working capital. Such a step is part of a development plan in Kafr el-Dawwar region.

Egyptian Ministry of Investment

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