The new council will be concerned with approving technology strategies for computer chips and solar cells production and monitoring them yearly or upon need. 

It will also monitor the execution of technology plans and strategies of computer chips and solar cell produced by governmental bodies.

Moreover, the council will follow up the development of work on current investments in this field of technology.

On a similar note, Egypt inked three agreements with European investors in the telecommunication and information technology sector during the Egypt-EU Investment Conference in June.

In addition, Prime Minister Mostafa Madbouly instructed the Economic cluster's ministers to adopt a preferential approach to attract capital inflows.

The statement added that this will attract more foreign direct investment (FDI) inflows with a high level of stability and an ability to accomplish many gains for the national economy. These include technical advancement, the development of management system, employee training, and increasing the level of exports compared to foreign indirect investment inflows.

The cabinet also approved the investment of 11 land pieces belonging to the Egyptian National Railways (ENR).

Additionally, Madbouly stated that the government puts the industry sector and promoting its activities on top of its agenda, through strong cooperation with the private sector as a partner in the economic development.

He said the government and economic cluster continue efforts for industrial development, especially promoting the process of localizing promising industries in Egypt and technology transfer with the help of the private sector.

Furthermore, PM Madbouly affirmed that the government will do its utmost effort to enhance the competitivness of the Egyptian industry in both the local and foreign markets. It will also work on studying the problems of struggling factories and finding innovative solutions to help operating these factories.

The prime minister also stressed that the government will not close any industrial entitiy except under his command; there will be no individual inspection for factories.

He emphasized the necessity of continuous work to develop petroleum and gas exploration through utilizing Egypt’s portal for exploration and production, the country's first digital portal to attract investments in this field.

Madbouly also directed officials to increase the issuance of digital bids in different exploration areas and raise the attractiveness level of financial systems.