File Photo: workers at a factory. Photo courtesy of SIS.
Minister Hashem added that the ministry will also launch the first investment fund for the industrial sector by the beginning of the upcoming FY 2026/2027 to allocate liquidity and investments to more productive sectors.
In related news, during the 50-year celebration of Egypt’s and the International Finance Corporation (IFC) partnership on Monday, Hashem affirmed that the government is implementing a new industrial vision to integrate the Egyptian industry, mainly in technology and innovation in the private sector, into global supply chains, to improve the industrial sector’s ability to compete in international markets.
The IFC is collaborating with the World Bank and the Industry Ministry to advance private sector-led growth, implement financial inclusion programmes to finance small and medium-sized enterprises (SMEs), and provide technical assistance to factories to reduce carbon emissions.
The ministry has recently issued a new decree to restructure the licensing process for industrial activities outside of industrial zones in Egypt. It has also launched a package of incentives for stalled projects as it eyes further expansion in the industrial sector.
These moves are part of its National Industrial Strategy, which is currently under review, and targets increasing the sector's contribution to the GDP from 14 percent to 20 percent by 2030.
On a similar note, Minister Hashem met on Tuesday with the International Labor Organization (ILO) to discuss future projects and initiatives to enhance human capital, capacity building, productivity, and improve work conditions, especially in the leather tanning and marble manufacturing sectors.
The ILO will also provide technical support to improve the partnership between the ministry and the private sector to provide sustainable job opportunities and advance the competitiveness of Egyptian products in global markets.
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