CAIRO: The cumulative value of the exports of the Egyptian companies which participated in international exhibitions with support from the EU-financed Industry Modernization Center reached almost $460m as of September 2006, according to Adham Nadim, deputy executive manager of the IMC.
Nadim pointed out that the IMC financed participation of 1,289 companies in international exhibitions for a range of industries including food processing, furniture, and manufacturing industries.
However, Mohammad al-Bahy, head of the cosmetics committee at the Egyptian Federation of Industries, criticized the IMC financial policies that concentrated on certain industries. “The IMC was reluctant to finance chemical industries’ participation in international events though such industries have worthwhile opportunities to increase their overseas sales, he said.
The IMC has decided to finance participation of 15 Egyptian furniture makers in the Index Dubai 2006 Exhibition from November 7-11, 2006 in the Dubai International Exhibition Centre.
Nadim said the IMC will pay 80%of participation costs and companies will pay the remaining 20%.
Supported by the government’s Export Guarantee Fund, Egyptian furniture makers seek to increase their cross-border sales this year to US$300m.