No privatization in Egypt’s public sector, minister claims

Investment Minister Yehia Hamed has claimed there will be no privatisation in Egypt's public sector, despite growing concerns over alleged government intentions to sell shares and lay off state workers.

Speaking during a visit to Sid Pharmaceutical company on Saturday, Hamed said that developing state pharmaceuticals represented a "national duty."

The ministry would welcome new technologies through partnership deals with private sector companies, he admitted, but no land or facilities would be sold off.

Hamed also stressed the importance of the state medicine sector, celebrating its "balance" on the market as well as its challenges to monopolies held by foreign and other private sector companies within Egypt's economy.

An Investment Ministry statement released on Saturday revealed the Sid board of directors had already reviewed the company's activity in light of the current challenges.

Sid Pharmaceuticals is estimated to employee 3,200 workers, producing around 150 products for both local and foreign markets.

Edited translation from Al-Masry Al-Youm

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