In addition, the ministry allocated 4.7 million square metres of land for industrial projects last year, up by 530 percent than in 2021, Samir added.

The trade ministry is devising plans to increase the industrial sector’s annual contribution to GDP from 11 percent to 20 percent to create 200,000 jobs every year, he added.

Samir noted that the ministry is developing a national strategy for industry in collaboration with different ministries and entities, alongside the Federation of Egyptian Industries (FEI).

On Wednesday, Samir attended a conference on “Development of Egyptian Industry: Opportunities and Challenges,” organized by the FEI and Canada-Egypt Business Council.

The event explored ways to support and revitalize the Egyptian industrial sector.

Earlier in September, President Abdel-Fattah El-Sisi instructed the cabinet to implement a fresh package of incentives to support industrial activity and accelerate localisation.

The package includes a five-year exemption from all taxes, excluding VAT, if new industrial projects begin operating within three years.

Egypt is seeking to increase the private sector's participation in the economy to 65 percent, up from the current 30 percent.

Towards this end, the country has taken major steps to encourage investment and entrepreneurship, guaranteeing equal treatment between public and private sectors, supporting the investment climate, and developing legislation for startups.