Egypt, EU sign deal to support trade, rapid market access

Egypt and the European Union (EU) signed Tuesday, an agreement to support trade, industry, growth and rapid market access (EU Tigara) worth 8 million euros (USD 8.86 million). In a statement, the Egyptian Ministry of Planning, Economic Development and International Cooperation said that the agreement was signed by the Head of the EU Mission to Egypt, Ambassador Christian Berger, and the Representative of the Regional Office of the UN Industrial Development Organization (UNIDO) in Egypt, Patrick Gilbert, in the presence of Deputy Prime Minister for Industrial Development, Minister of Industry and Transport Kamel El-Wazir, and Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al-Mashat. The statement noted that the agreement contributes to achieving two main goals: improving the capacity and efficiency of the Egyptian system concerned with developing enterprises and trade, and increasing the participation of small and medium-sized Egyptian enterprises in selected industrial value chains, by focusing on supporting Egyptian institutions concerned with enhancing enterprise development and supporting selected industrial complexes and value chains. The Deputy Prime Minister pointed out the importance of the EU Tigara agreement in the rehabilitation and training works, which contributes to developing the industrial sector in Egypt, explaining that the agreement, funded by the European Union at a value of 8 million euros and planned to be implemented through the UNIDO, is being implemented in cooperation between the organization, the Ministries of Industry and Investment, Foreign Trade and the European Union over 60 months. He also noted that the agreement aims to contribute to increasing the competitiveness and efficiency of the Egyptian private sector, increasing sustainable economic growth rates, and creating decent job opportunities, adding that the program is concerned with industry and export and is also linked to transportation and rapid access to markets. For her part, Minis ter Al-Mashat stressed the keenness to achieve coordination and harmony between the programs and projects implemented with international partners and government priorities, especially at the level of localizing industry and enhancing investment in human capital. In March, the European Union announced a financing package for Egypt amounting to 7.4 billion euros (USD 7.93 billion). Source: Kuwait News Agency