The government works hard to encourage the local industry in partnership with the private sector.
It does this through a series of facilities that aim to create an attractive investment climate and support new factories, particularly within industrial parks around the nation.
Prime Minister Moustafa Madbouli made a tour this week of the Suez Canal Economic Zone (SCZone) at Ain Sokhna Industrial Area.
The zone boasts investments, amounting to $60 billion, from 20 countries.
During his tour, the prime minister inaugurated nine new factories in the area, which brings the total number of factories in the SCZone to over 204. Around 173 more factories are still under construction.
The newly opened factories have $6.5 billion in combined investments and employ tens of thousands of people.
The opening of these new factories came as the government works to reshape the national economy through industry and strengthen Egypt’s position as a regional centre for production and exports.
The government has created the necessary infrastructure to boost the industrial sector, with the chief aim of reducing import bills and encouraging local industrialisation, the prime minister said during his tour.
The state, he added, is keen to promote the SCZone alongside other industrial areas in Egypt.
He described the industrial sector as “key” to future economic growth.
The prime minister noted that investors from over 28 countries have placed their confidence in the SCZone, despite ongoing challenges.
The government, he added, coordinates with the Ministry of Industry and the Central Bank of Egypt to establish a fund aimed at helping struggling factories resume operations.
He revealed that the plan involves a detailed review of distressed factories to determine the most effective support mechanisms.
Priority, he said, would be given to facilities affected by recent economic conditions, especially ones that demonstrate the potential to resume production.
The move is aimed to increase local production, create jobs, cut down imports and support industrial growth, the prime minister said.
