PM: Egypt Aims to Become Regional Industrial HubSource: www.export-egypt.com 5/18/2024, Location: Africa |
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Prime Minister Mostafa Madbouly on Saturday 18/05/2024 toured the Kom Abu Radi and Bayad Al-Arab industrial zones in Beni Suef.
Following this, he visited the Technology Village to engage with companies in the outsourcing, communications, and IT sectors. Madbouly highlighted the government's strategic focus on expanding Egypt's industrial sector and positioning the country as a regional industrial hub, during a televised address on his visit to Beni Suef Governorate. The Prime Minister emphasized the importance of attracting international brands to invest in Egypt to transform it into an industrial hub for the entire region. He underscored the significant role of the communications and information technology sector, advocating for increased youth participation to boost annual growth. Madbouly reiterated that this visit aligns with Egypt Vision 2030, prioritizing four key economic sectors: industry, agriculture, communications and information technology, and tourism. Highlighting the government's efforts to foster industrial growth, the Prime Minister mentioned regular visits to private sector factories and meetings with industry leaders to strategize on boosting exports, aiming to surpass $145 billion by 2030. He outlined a new system for reimbursing export burdens and incentives for manufacturers, stressing the need to increase the local component in production to double annually over the next five years. Madbouly also focused on the communications and IT sector, discussing plans with the Minister of Communications to enhance exports and job opportunities. He highlighted the recent opening of the government data center and the establishment of technological universities to support this sector's growth. The Prime Minister revealed recent meetings with top tourism figures to set ambitious targets of attracting 50 to 60 million tourists annually over the next decade, with clear plans for state support and private sector collaboration. During the tour, the Prime Minister visited El Araby Group factories and Samsung’s production lines, commending their expansions and plans to increase local manufacturing and exports. He cited examples of international companies like Haier, Bosch, Beko, and Medea investing in Egypt, contributing to significant export revenues and job creation. The Syrian Kerman pharmaceutical factory and Emessa Denim clothing factory, are both expanding their production and export capacities, Madbouly stated. He highlighted the state's efforts to resolve industries’ challenges, ensuring immediate decisions to facilitate growth. |
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