Gov’t continuing industry localization, seeks $146 bln exports: Madbouly

MENA , Ahram Online , Saturday 11 May 2024

Prime Minister Mostafa Madbouly confirmed the government is maintaining its efforts to localize several industrial sectors, including increasing the persentage of local components.

Mostafa Madbouly
Prime Minister Mostafa Madbouly (c) speaks during an inspection tour of industrial and housing projects with several ministers and officials on Saturday 11 May, 2024. Photo courtesy of Egyptian cabinet.


The government is offering all necessary facilitation to implement the State Strategy for Boosting National Industry in productive fields and further capitalize on the developed infrastructure nationwide, said Madbouly Saturday.

Madbouly was speaking during an inspection tour of industrial and housing projects in the 10th of Ramadan City in the Nile Delta governorate of Sharqiya.

As part of the tour, Madbouly visited sanitary ware company Sanipure, home appliances company BSH, and smartphone manufacturer Vivo.

Madbouly said the government is ready to offer different forms of support to boost work in the various industrial companies and factories.

The state has devised an action plan to depend on the private sector as a key partner in achieving sustainable development in the coming period, he added.

Gov’t eyes Apple

Madbouly said the country's support for localizing industries is part of its efforts to meet domestic demands, reduce the import bill, and increase exports to more than $146 billion by 2030.

In 2023, Egypt’s non-oil exports reached $35.631 billion, while imports amounted to nearly $66 billion.

Madbouly highlighted that Egypt used to import $1.5 billion in mobile phones annually and $4.6 billion in cars.

He added that the government aims to attract four out of the top five international mobile companies to operate in the country.

In addition to Vivo, the government is eying Samsung, Xiaomi, and Oppo.

Furthermore, efforts are being made to persuade Apple to invest in Egypt.

The government is also focused on localizing auto manufacturing, added Madbouly.

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