Egypt will cooperate with the United Nations Industrial Development Organization (UNIDO) on improving the quality of medical and aromatic plants Minister of Industry, Foreign Trade and Investment Mounir Fakhry Abdel Nour said Monday.
The value of the cooperation is $2.9m and will be funded by Switzerland’s Federal Department of Economic Affairs, the minister noted.
The cooperation will include the founding and activation of the “first quality organisation for the production, trading and manufacturing of medical and aromatic plants” with the cooperation of the Egyptian Organisation for Standardisation and Quality (EOS).
According to the ministry, the organisation will offer technical advice for small producers.
The minister said that the medical and aromatic plants sector in Egypt is a promising one for exportation. He added that the cooperation would improve Egypt’s competitiveness both locally and international and offer approximately 140,000 job opportunities.
Abdel Nour mentioned that the cooperation projects will serve 1,200 Egyptian facilities that work in the processing, dehydration, extractions and packaging of plants.
In March, the Ministry of Industry and Foreign Trade announced that a Russian industrial zone focused on producing agricultural machinery and equipment will be established in Egypt.
The ministry mentioned that the Russian government has approved the Egyptian government’s proposal to begin negotiations regarding the establishment of a free trade zone between Egypt and the countries of the Customs Union, which include Russia, Belarus and Kazakhstan. The minister has requested that negotiations commence in July, following presidential elections in Egypt.