CAIRO – Egypt’s Planning and Economic Development Minister Hala el Saaed said that investments worth 93.5 billion pounds will be directed to the manufacturing industry sector during the current Fiscal Year 2022-2023, with an increase of 6.1% compared to investments in the previous year.
The minister’s remarks were made on the occasion of the Ministry of Planning and Economic Development issuing a report on the objectives and investments of the manufacturing industries sector during FY 2022/2023.
She further noted that the non-oil manufacturing industries account for about 80% of the sector’s total investments (74.1 billion pounds).
The petroleum industries make up the remaining 20% (19.4 billion pounds), she added.
Saaed also stressed the importance of the manufacturing industry sector as it occupies the first place in terms of contributing to the GDP with a share of not less than 16%.
It also secures jobs for more than 15% of the workforce, she said.
As per the Sustainable Development Strategy (SDS): Egypt Vision 2030, the future vision of the industrial sector is developing industry to be the locomotive of sustainable and inclusive economic development in Egypt, the minister added.
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