11/07/2004
Al-Alam Alyom Newspaper 2004/JULY /11
In this article, the Engineering Industries Sector demanded to be listed among the other sectors that benefit from the exports support program. Owners of factories justified their request by showing the financial problems the companies are facing after exerting enormous efforts to open foreign markets. They also emphasized the great burden of sending marketing and commercial expeditions abroad along with the cost paid for participating in foreign exhibitions. Companies ventured into these activities after receiving confirmation from the Ministry of Foreign Trade that they would be listed among the beneficiaries of exports support program as of mid of last year 2003. Yet, this confirmation was not granted after the Ministry of Finance refused to increase the finances allocated for the exports development fund. Businessmen in the engineering industries are going to discuss the reasons why they requested listing this industry on top of those benefiting from the exports support program. They emphasize that the opportunities for growth in both production and exports of engineering industries are endless.(Available in Arabic – German in PDF)
In this article, the Engineering Industries Sector demanded to be listed among the other sectors that benefit from the exports support program. Owners of factories justified their request by showing the financial problems the companies are facing after exerting enormous efforts to open foreign markets. They also emphasized the great burden of sending marketing and commercial expeditions abroad along with the cost paid for participating in foreign exhibitions. Companies ventured into these activities after receiving confirmation from the Ministry of Foreign Trade that they would be listed among the beneficiaries of exports support program as of mid of last year 2003. Yet, this confirmation was not granted after the Ministry of Finance refused to increase the finances allocated for the exports development fund. Businessmen in the engineering industries are going to discuss the reasons why they requested listing this industry on top of those benefiting from the exports support program. They emphasize that the opportunities for growth in both production and exports of engineering industries are endless. From the beginning, Engineer Mohamed Geneidy, Head of GMC Group and the Chief of Commodity Council for Engineering and Electronic Industries, says that a larger number of companies have made great efforts to open foreign markets throughout past months. They have sacrificed a great deal of their profits, and in some cases all of their profits, hoping to regain these expenses from the money allocated for supporting exports. Engineer Samir Aref, Head of Board of Al-Ahram Metal Company and member of the Investors Association in 10th of Ramadan City, agrees with the previous statements, especially regarding the priority of engineering industries in obtaining support for the exported commodities. He stated that the engineering industries enjoy a high added value by means of processing both domestic and imported raw material and the high revenues after exporting the final product. Granting companies support grants on gradual and decreasing basis would be the best solution starting with 10% in the first year and 8% in the second, then 6% in the third, 4% in the fourth and 2% only in the fifth year for the support program.