Minister of Trade and Industry Rasheed Mohamed Rasheed said Friday 5/9/2008 that more than 503 new plants and expansions were set up at the end of July 2008 at investments of LE 28 billion.

He added that the establishment of the 283 new factories and expansions in 220 plants was part of the 1,000-factory program.

He said the new establishments provided 112,985 job opportunities.

The new plants represent a real surge in the industrial development plan, he said. The industrial growth rate rose by 8 percent, he added.

Rasheed described the new plants as a real leap in the industrial plan which he said goes at high rates.

Industrial growth rate has increased to 8 percent, the minister noted.