CAIRO: Egypt's Minister of Trade and Industry, Rashid Mohamed Rashid, met with the chairpersons of a number of giant world corporations, including Japanese Mitsubishi and Toshiba, French Lactalis and Indian Uflex, to discuss means to promote their investments in Egypt in the coming period. Rashid said his talks with global company chairpersons were part of a government plan to attract new investments to the Egyptian market, particularly in the manufacturing sector. The aim is to help achieve targeted economic growth rates and provide more jobs for Egyptians in addition to expanding existing investments. He added that the Egyptian market has become more attractive for foreign investment thanks to its merits and great opportunities which make Egypt a top destination for foreign investors. Rashid said he discussed with the President of the Visual Products Company Toshiba, Masaaki Osumi, Toshiba's planned expansions in Egypt. Toshiba has announced plans to launch expansions in Egypt with new investments of around EGP 280 million (US $48 million) in collaboration with El-Araby Group for the manufacturing of new Toshiba products for the exportation of LCD TV sets to Africa and the Middle East through Egypt . The two officials also discussed Toshiba's current 2.736 billion EGP investments with El-Araby Group. Rasheed also met with Mr. Pradeep Tyle, the Chairman of UFlex Ltd, an Indian company in the field of plastics and polyester. UFlex opened a new plant in Egypt to produce 35,000 tons of polypropylene with investments amounting to US $90 million. The plant's second phase of production will start in October, thus taking the company's total investments in Egypt to $180 million and increasing jobs offered by the company to 400. Rashid also met with Mr. Hiroshi Harunari, chairman of Mitsubishi Corporation. They discussed the Japanese company's new projects that will inject about 200 million EGP (US $34.5 million) in Egypt during the next phase. BM
