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Reform of the public sector has been the hallmark of the new Government of Egypt since taking office in July, 2004. The sale of assets and shareholdings in public enterprises and joint ventures has been rejuvenated. Individual companies and groups are being restructured where necessary to prepare them for sale. Management teams are being reorganized, retrained and schooled to adopt corporate governance principles in keeping with the highest standards of global business practice. The workforce is benefiting from programs to improve productivity. A new early retirement programme is in force. Young workers wishing to move to new jobs are being retrained. Entrepreneurism is unleashing the talents of Egypt’s workers. The response has been excellent. For example, the European manufacturers of ceramics have moved a substantial part of their production to Egypt. They say the finished products are every bit as good as those formerly produced in England. They say they are better than foreign competition – and less expensive to bring to market. They are excited by new opportunities to expand. Like scores of other companies that have set up in Egypt, they say the quality of labour, low wage, land and energy costs and the rapid transfer of finished goods through Egypt’s ports enable their companies to thrive amid cut-throat world competition.
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