Egypt's 1st industrial map covers 4,900 investment opportunities: PM

MENA , Sunday 23 Dec 2018

Egypt PM
Egypt's PM Mostafa Madbouly (Photo: Al-Ahram)

Egypt’s Prime Minister Mostafa Madbouly said on Saturday that the country’s first integrated investment map covers 4,900 investment opportunities in all industrial sectors nationwide.

The PM made the comments in a speech at the opening session of the 5th Akhbar Al-Yom Economic Conference, which kicked off on Saturday evening and is set to run for two days.

Madbouly said his cabinet’s program includes a key goal of improving the competitiveness of the country's industrial sector, which should improve the business atmosphere and encourage investment in industry over the next four years.

Madbouly said the goal is to increase the rate of industrial growth from 6.3 percent in 2018 to 10.7 percent by 2022.

The PM explained that the investment map offers an important interactive platform that provides an integrated database on industry in Egypt.

Attracting investment and increasing the ability to manufacture and compete in foreign markets play a key role in achieving the desired economic start, he added.

The prime minister reviewed economic challenges faced by the country in previous periods, which necessitated the launch of a strong economic reform program.

The government's program includes many targets in the industrial sector, including the expansion of free zones, the establishment of 12 new investment zones, the expansion of integrated industrial complexes by establishing 13 new ones, the provision of hundreds of thousands of jobs and reducing unemployment rates to about 8.4 percent by 2022, he added.

Madbouly said that the industrial development and foreign trade strategy 2016-2020 has also been launched, focusing on developing industry, exports, SMEs and entrepreneurship, technical and vocational training, alongside governance and institutional development.

Up to 3,114 factories have been opened since 2016, with total investment costs estimated at EGP 73.7 billion, employing 102,000 workers, he added.

The prime minister revealed that the government has provided 30 million square meters of industrial land plots nationwide since 2016; an unprecedented effort aiming to overcome the scarcity of industrial land.

"Between 2007 and 2015, only 10 million square meters had been provided," the PM said.

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