CAIRO: Minister of Industry, Foreign Trade and Investment Mounir Fakhry Abdel Nour announced on Monday that the Industrial Modernization Centre (IMC), in cooperation with the Organization of Islamic Cooperation, has launched an Arab-African network for industrial institutions to provide commercial and technological opportunities for small and mid-cap enterprises, according to a press statement published Monday.
The network includes Egypt, Saudi Arabia, Oman, Sudan, Morocco, Nigeria and Cameroon. Head of the IMC, Ahmed Taha, said the government aims to boost investment opportunities, open new markets for small and mid-cap enterprises, encourage competition, improve wages and promote economic growth.
The IMC plans to hold small industrial gatherings in governorates to discuss needs and provide technical support, including furniture workshops in Damietta, handmade carpet workshops in Menoufia and marble and granite workshops in the Shak El Thoban, Taha said, adding that the IMC has agreed with the National Bank of Egypt to provide soft loan for the gatherings.
The importance of small and mid-cap industries lies in their ability to create job opportunities, and diversify income, along with achieving growth rate, Al-Ahram reported.
Small and mid-cap enterprises represent about 90 percent of total companies in Egypt, provide about 80 percent of the gross domestic product (GDP), and about 75 percent of the job opportunities, it rep