The Internal Trade Development Authority has signed an agreement with the Gharbeya Governorate to establish Egypt's first logistics and trade complex, a statement from the Federation of Egyptian Chambers of Commerce said. The project, part of the national programme to develop Egypt's trade, is expected to provide 10,000 new jobs. According to the statement, the national programme will establish logistic centres in the country's 27 governorates to attract local and foreign investments. The centres will provide high quality products with reduced prices, the statement added. ITDA Director Khaled Hanafy agreed with Gharbeya's governor that 90% of the workers on this project should be Gharbeya residents. The Governor of Gharbeya ordered the executive agencies in the governorate to facilitate the necessary procedures to start the implementation of this project. Egypt's trade deficit slid 1.6% to US $7.7bn in July-September, down from $7.8bn. The drop reflected a 1.5% decline in merchandise imports to $13.6bn from $13.8bn, and a lesser decline of 1.3 % in merchandise exports to $5.9bn against $6bn. The Balance of Payments has registered an overall surplus of $3.7bn, recording a significant improvement compared to the $518.7m deficit during the same period last year, the Central Bank of Egypt said in December. Egypt has also participated in the signing of an agreement that offers privileges that help developing countries increase their exports. The agreement was signed during the World Trade Organization's 9th ministerial conference in Indonesia's Bali in December. Industry and Foreign Trade Minister Mounir Fakhry Abdel Nour formed a technical committee this month to insure the standardisation and maintenance of high quality industrial products. Abdel Nour allocated EGP 1.5bn to continue building the infrastructure for 32 industrial zones in 22 governorates.
