CAIRO – Egyptian Prime Minister Moustafa Madbouli said on Monday that the industrial sector in Egypt faces a main challenge as it largely relies on imported components and supplies, stressing that the State is working hard to stimulate the private sector and increase its contribution to these vital sectors.
He reiterated President Abdel Fattah El Sisi’s keenness on meeting industrialists and follow up efforts to localise industry so that the private sector can provide all production supplies needed for the local industry.
During an inspection tour of a number of factories in the industrial zone in Sixth of October City, the premier expressed happiness over the expansions being witnessed in this important industrial area.
He said the factories he toured today are of high standard and their production is not limited to securing needs of local market only but many of their products are being exported abroad.
He stressed that the Egyptian State attaches importance to developing industry and increasing its production capabilities to reach their maximum within the coming period.
He said the State seeks to preserve all gains achieved over the past period as a result of the implementation of economic reforms program despite major turbulences worldwide.
Despite the government’s efforts to bring down unemployment levels, it still faces a big problem as more than 700,000 young people join labour market every year which means that more investments should be pumped especially by the private sector to be able to provide jobs.
He said the government seeks to achieve a growth rate ranging between 5.5 to 6 or 7 per cent and to achieve this, we need to work side by side with the private sector.
The government’s role revolves around offering privileges and needed facilities to the private sector, he said, noting that the economic group meets on a periodical basis to meet businessmen and industrialists in order to listen to their problems and mull appropriate solutions.
Without increasing the private sector’s contribution to development process, we will not be able to reach hoped-for growth rate. That’s why the government is now concentrating on encouraging the private sector to work side by side with the government and pump more investments in the infrastructure domain, he added.
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