Industry and Trade Minister Monier Fakhri Abdel Nour expected on Thursday 31/10/2013, some projects and sectors to be excluded from the application of the minimum wage limit, especially small-sized projects in villages as well as tourism and ready-to-wear clothes sectors because of the high unemployment rate as a result of the current economic conditions.
Abel Nour told MENA that the National Council of Wages is convening in a periodical way and holding meetings with representatives of workers, the Federation of Egyptian Industries and the government to amend the labor and insurance laws and set criteria for the minimum wage limit in the private sector.
He said since he was appointed, he was keen to lure both local and foreign investors to boost the Egyptian economy, adding that a factory for fiberglass will be opened next month with a 200-million-dollar Chinese investment. This will make Egypt the third fiberglass manufacturer in the world after the US and China.
The minister stressed that Egypt respects all agreements with investors and works hard to iron out any obstacle facing them as long as there are no violations.
Bureaucratic procedures are still the main hurdle to investors, Abdel Nour said, calling for enacting new laws to regulate investments in Egypt.
"We need a legislative revolution in Egypt and a full amendment to laws regulating the economic mechanism," he said, making clear that Egypt is still working with some laws that were drafted from the monarchy era. He called for setting up a ministry for mining to achieve a comprehensive development in this important sector that could be an important source of Egyptian national income.
As for the Suez Canal Corridor project, he said this is a purely Egyptian project and there are still some discussions on the projects to be put for investment. He denied there were any plans to allocate some projects or areas to certain foreign and Arab countries.
He unveiled efforts to settle the financing problems facing the industrial sector, saying the Industrial Modernization Center has been holding talks with the Central Bank of Egypt to provide necessary liquidity to stumbling projects.
He stressed that the industrial community did not suffer from any energy problem since July but he urged changing the energy mechanism and diversifying energy sources to meet all needs of the current and future industrial development.
He added that his country supports using coal as an alternative power source in the energy-consuming cement industry but provided that there are no dangerous emissions that might harm citizens' life.