Egyptian President Abdel-Fattah El-Sisi announced on Thursday at a Labour Day celebration that EGP 100 million from the Long Live Egypt Fund (Tahya Misr) would be allocated to the manpower ministry’s emergency fund in order to support workers in ailing sectors such as tourism.
El-Sisi also stressed the importance of Egypt establishing a competitive industrial base that would enable the country to increase exports to African and global markets.
"We want to hold high the slogan of 'made in Egypt' everywhere around the world," El-Sisi told trade union leaders at an event organised by the Egyptian Federation of Trade Unions at Masa hotel in Cairo.
Egypt’s tourism sector, which employs around 4 million people, has taken a heavy hit since the deadly October 2015 crash of Russian plane in Sinai, which killed 224 people. The IS group claimed responsibilty for downing the plane. The Egyptian government has not yet released its final findings report.
The sector saw some revenues of $500 million in the first quarter of 2016, down from $1.5 billion a year earlier.
The charitable fund Long Live Egypt was established by El-Sisi in 2014 with the aim of supporting Egypt's economy and development, and is run by a committee he appointed.
The president had announced in February that the fund has raised around EGP 4.7 billion since its establishment.
El-Sisi urged the swift ratification of labour-related laws that would affect the production process.
The president cited technology and electronic industries as important venues for exports.
Egypt's exports to non-Arab African countries amounted to $260 million out of a total $9 billion during the first half of the current fiscal year 2015/16, according to the latest data from the central bank.
A number of state officials and dignitaries attended the event including Premier Sherif Ismail and manpower minister Mohamed Saefaan.