Motivational industrial strategy to advance public business sector: Investment Minister

The Ministry of Investment has put in place a motivational industrial strategy to advance with the public business sector, according to Minister of Investment Ashraf Salman. The strategy includes professional ideas that achieve economic gains for the state by utilising the company's potentials.

The company owns nearly nine holding companies that represent the government's investment arms. They aim to provide several needs of citizens in different sectors, including metal, food, transportation, chemicals, textiles, insurance, tourism and hotels.

"The Metallurgical Industries Company aims to achieve revenues worth EGP 275m for the budget of year 2015/2016 compared to EGP 204m expected in year 2014/2015," said Zaki Bassiouni, CEO of Metallurgical Industries Company, on Saturday, during his presentation of the board of directors' report about the new budget of the new fiscal year.

Bassiouni said the company and its affiliates are targeting approximately EGP 5.6bn in imports during FY 2015/2016, compared to EGP 4.4bn over FY 2014/2015. He confirmed that the company is doing its best to restructure and develop affiliated accompanies.

According to Bassiouni, during the meeting of the General Assembly with the presence of Salman, the Metallurgical Industries Company targets implementing new investments of approximately EGP 975m, compared to this year's EGP 464m, in the affiliated companies. This would improve, develop and restructure these companies.

Regarding the total financial indicators of the companies affiliated to Metallurgical Industries Co in FY 2015/2016, the company targets revenues of affiliated companies' amounting to approximately EGP 13.7bn. This comes instead of the expected amount of FY 2014/2015 which was EGP 10.6bn, an increase of EGP 3.1bn.