CAIRO – Egyptian Deputy Prime Minister for Industrial Development Minister of Industry and Transport Kamel el-Wazir asserted on Monday the Egyptian government is paying a greater interest to the industry sector in accordance with directives of President Abdel Fattah El Sisi.
The government seeks to turn Egypt into a regional, industrial hub and a hub for transport, logistics and transit trade, added Wazir at a session entitled “investment in industry.. chances of integration and growth” on the sidelines of the International Annual Industry Conference and Exhibition (IMCE).
The ministry developed a different strategy for turning Egypt into a regional, industrial hub in co-operation with the World Bank, said Wazir.
He is implementing a genuine strategy on the ground in cooperation with the ministerial group for industrial development that is taking into account the needs of industries and the labour market. President Sisi was briefed on the strategy and endorsed it.
The new strategy for industry is aiming to scale up the contribution of the private sector in industry fields in the domestic product that hit 14% and seeks to increase it to 20% in 2030, in addition to upping the contribution of the green economy to Gross domestic product (GDP) to 5% in green industries, Wazir pointed out.
The industry and transport minister thanked president Sisi for his confidence in the government in the coming period to upgrade the Egyptian industry on all fronts.
He also appreciated efforts exerted by Prime Minister Moustafa Madbouli to form the ministerial group for industrial development to overcome any challenges facing the industry.
Deputy Prime Minister for Industrial Development Minister of Industry and Transport Kamel el Wazir said the government acts to solve problems of struggling factories or troubled factories during the construction phase.
A comprehensive plan was devised to address these administrative, technical or financial challenges facing the defaulting factories, added Wazir.
The action plan is based on assessing the needs of the Egyptian market of industrial products and national projects, according to the Egyptian official.
The plan calls for boosting the production capabilities of current factories in the public sector, stressing the importance of promoting cooperation with the private sector as a key partner to the success of the industrial strategy, added Wazir.
He pointed out to recent remarks of Prime Minister Moustafa Madbouli about the State Ownership Policy and efforts to encourage the private sector to participate in different industrial projects to achieve sustainable development.
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