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IDA Chairman reviewed during his meeting with the Chamber of Engineering Industries (CEI) members at the Federation of Egyptian Industries IDA's prominent achievements in executing Egypt's industrial policy.
IDA
Chairman referred to IDA's role in carrying out the Ministry of Trade and Industry's goals of establishing 1000 factories to provide 1.5 million job opportunities and erecting industrial zones in the Delta, so as to benefit from the unused public companies in Kafr El Dawar and Al Mahalla.
IDA Chairman also dealt with the Developer Program under PPP, pointing out that 6 contracts were signed at the end of its 1st phase and that the 2nd phase was started.
IDA Chairman affirmed that IDA aims at raising the number of industrial zones to 50 within the coming three years. He added that IDA's policy is targeted at setting up offices in Ismalia, Asiut, Alexandria and Gamasa in order to grant operating licenses and industrial registry. Moreover,
IDA Chairman pointed out that the main goal of IDA is to enhance the local manufacturing, especially iron industry.
On the other hand, the CEI members appealed to IDA chief to solve their problems. There were also discussions on the new cement and steel plants.
IDA Chairman responded to questions, saying that the Minister's decree obliges cement companies to have the minimum local manufacturing and 20% local components at least in their production lines. The ministerial decree also provides incentives for the winning bidders and in case the local component ratio exceeds 20%, IDA will partially refund the bidding value and this value will rise as much as the local component ratio increases, he explained. 70% of the competing companies are Egyptian and the rest are foreign, he said.
At the end of the meeting, IDA Chairman disclosed that the licensing regulations for steel factories will be announced next week, during the auction on 4 steel factory licenses with an annual production capacity of 8 million tons.
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