Minister of Business Sector: Cooperating with the private sector to make the most of the state’s assets

Dr. Mahmoud Esmat, Minister of the Public Business Sector, said that the Ministry has a strategy to develop subsidiaries in all sectors, especially medicines, textiles, construction, tourism and hotels, in partnership with the private sector, with the aim of promoting national industries, expanding the import substitution policy and achieving maximum returns. From the exploitation of assets and their proper management.

The minister added, during the ministry’s breakfast ceremony, which included the heads of the holding and subsidiary companies, that the ministry’s action plan for developing companies is consistent with the state ownership policy document, Which aims to provide the necessary climate to increase private investments, whether local or foreign, which confirms the strong and serious desire to encourage and attract the private sector and aim to increase its investments and contribution to the national economy.

In the pharmaceutical sector, the Minister explained that the company " "Pharmaceutical Holding" It aimed to achieve profits amounting to one billion pounds during the past year, but there are challenges facing the company, including compulsory pricing of medicines and high prices of raw materials, as well as old factories in the sector that need large sums of development in order to be compatible with technical specifications and international standards in the field of medicines.< /p>

He pointed out that despite all these challenges, the company succeeded in achieving profits ranging from 400 to 500 million pounds during the past year thanks to the development and modernization plan and manufacturing programs to develop old factories.

The Minister stressed Great interest in the pharmaceutical industry sector and keenness to take what is necessary to advance it and provide the infrastructure and legislation, in addition to the necessary financing, in view of the strategic importance of the affiliated pharmaceutical sector, which is characterized by promising investment opportunities based on the size of assets, the number of companies, the diversity of products and the accumulated experience of employees.

In the textile sector, the Minister of Business Sector said that companies face challenges, including competition from foreign companies and the private sector, which produce similar products in free zones and export 100% of their production, which represents strong competition for business sector companies, and to confront… Such challenges, the Ministry seeks cooperation and partnership with the private sector to develop companies and benefit from the expertise and advantages enjoyed by private sector companies.

He added that the Ministry is pumping billions of dollars to develop companies in the textile sector, supply equipment, renew production lines, and open factories. New.

As for the hotel sector, the Minister explained that he is following the current position of hotel projects in the holding company and its subsidiaries, which vary between historical and contemporary hotels, whether self-financing or in partnership with the private sector, including the Shepherd Hotel development project, And the project to revive the “Continental” hotel. The minister said that the state still owns 24 percent of the hotels in which a stake is sold, and that a large portion of the value of hotel deals reaches the Ministry of Finance, and the remaining portion is used by the Holding Company for Tourism and Hotels to finance projects. belonging to the companies, their hotels and assets.

He pointed out that the development of the “InterContinental” hotel project In downtown Cairo, there will be an administrative and commercial part, and the commercial part will be managed through a partnership with the private sector, in addition to the hotel, which will be 4 stars.

The minister also reviewed the development projects of many other affiliated companies, including the silk factory development project. And polyester fibres, and working to possess the latest technologies used in this sector to achieve a safe degree of self-sufficiency and meet the needs of the local market, export requirements and competition in foreign markets, and the project to establish a new aluminum factory, and develop the existing smelter in Nag Hammadi and the solar power station to generate electricity, in addition to the company’s expansions. “Al-Nasr Mining”.

He also reviewed the projects of the construction sector and its contribution locally to a number of national projects and a number of foreign projects within the framework of the real estate export policy, and the “Sinai Manganese” development project. And “Al-Nasr Motors”.

For more: Elrisala website and for social networking, you can follow us on Facebook
Source of information and images “rosaelyoussef”“