Egypt to Increase Industrial Sector Contribution to GDP to 20-30%Source: www.export-egypt.com 11/25/2024, Location: Africa |
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Prime Minister Mostafa Madbouly emphasized the government’s commitment to increasing the industrial sector’s contribution to the GDP from the current 14 percent to 20–30 percent.
Speaking at the Annual International Industry Forum and Exhibition, he highlighted efforts to boost local content in industrial products from 40–50 percent to 70–80 percent, particularly in key sectors such as automotive manufacturing. Madbouly noted the integral connections between industry and other essential sectors, underscoring the government’s comprehensive approach to development. This includes major infrastructure projects, ensuring energy supply, providing equipped industrial lands, upgrading ports and transport systems, and revising laws to create an investor-friendly environment. These efforts, he stated, have created a "golden opportunity" for industrial growth, a sentiment echoed by Mohamed Zaki El-Sewedy, President of the Federation of Egyptian Industries. The Prime Minister detailed the government's strategic focus on industry since its formation, which includes appointing a Deputy Prime Minister for Industrial Development and establishing a specialized ministerial group to drive progress. This team is tasked with overcoming bureaucratic obstacles and implementing innovative policies to accelerate growth. The National Industry Strategy, presented during the forum, was highlighted as a cornerstone of the government’s efforts. Madbouly called on industrialists to deepen local manufacturing and support Egypt’s vision for a robust and self-sufficient industrial base. Madbouly clarified that the goal is not to limit imports but to prioritize importing components that improve local production and export competitiveness. The government aims to achieve $140–145 billion in exports by 2030, a target seen as attainable by industry experts due to current state-led initiatives. The Prime Minister reiterated the government’s focus on enabling private sector-led industrial development. Measures include tax reforms, simplified licensing processes, and streamlined procedures for land allocation through the General Authority for Industrial Development. Efforts are also underway to reduce fees and consolidate payments into a single system, easing the financial burden on investors. Madbouly concluded by reaffirming the government’s determination to empower the industrial sector, describing it as a key driver of economic transformation and sustainable development. |
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