Egypt's trade minister offers business community 83 investment opportunities for local manufacturing

Mohamed Hatem, Wednesday 16 Mar 2022

Egyptian Minister of Trade and Industry Nevine Gamea offered 83 investment opportunities to locally manufacture industrial products during her meeting on Wednesday with members of the Federation of Egyptian Industries.

Nevine Gamea
Egyptian Minister of Trade and Industry Nevine Gamea

This came after conducting an in-depth analysis of Egyptian imports, where 131 products were found eligible to be manufactured locally rather than being imported from abroad, Gamea said in a statement by the ministry.

“The political leadership attaches great importance to the expansion and development of specialised industries in Egypt,” Gamea said, noting that the ministry has so far established 17 industrial complexes across 15 governorates, up to 5,046 industrial units nationwide at a total investment cost of about EGP 10 billion.

Gamea added that an extensive survey on industrial lands has been conducted across all governorates, and promised to provide all forms of support to investors looking to invest in manufacturing products that are imported from abroad.

A committee will meet periodically to review all land requests and other priorities before granting land to investors, she noted.

Within this context, the government has launched many initiatives over the past two years to help reduce the burden on exporters, Gamea said, referring to the positive impact they had on Egypt’s economy with exports exceeding the $32 billion barrier, an unprecedented growth in Egyptian history.

Egypt achieved the largest export volume in its history in 2021, with non-oil exports reaching $32.1 billion, up from the $25.4 billion recorded in 2020, an increase of 26 percent.

In January, President Abdel-Fattah El-Sisi urged enhancing and expanding the export support system with a focus on high-value industrial sectors, stressing that the state is looking to encourage the local manufacturing of these products.

Khaled Abu Al-Makarem, chairman of the Export Council for Chemical Industries and Fertilisers, said that the ministry has not only maintained production rates but also increased Egyptian exports during the COVID-19 pandemic, citing the increase in export rates of the chemical and fertiliser industries, which were among the most prominent sectors during the past year in terms of growth.

Walid Helal, president of the Egyptian Manufacturers Association, said in the statement that the industrial sector is struggling in light of economic pressures facing the global economy, pointing to the importance of strengthening communication between the government and the private sector to find creative solutions to problems.

Walid also praised the efforts made by the ministry to support the Egyptian business and industrial community, calling it the “locomotive of economic growth.”

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