Egypt’s Prime Minister Moustafa Madbouli underlined that the state is deeply interested in developing the industrial sector and offering more incentives in line with President Abdel Fattah El Sisi’s directives on boosting local and foreign investments and localizing many industries.
This came during the premier’s inspection tour in Port Said governorate where he was accompanied by Local Development Minister Hisham Amna and Port Said Governor Adel Ghadban.
Madbouli said the state is keen on taking needed measures and steps contributing to having an investment-attractive climate and getting the private sector to play a key role in various economic sectors.
The premier inspected Avena factory for electric industries which produces LED lamps and electric equipment.
The 15,000-square-meter factory is set up at EGP 280 million investments and seeks to double the number of its workers to 1,000.
Avena Board Chairman Abdo Shaaban said the company aims to meet local market needs after increasing production lines thus saving the state import bills worth EGP 500 million annually.
He explained that the company seeks to localize electric equipment manufacturing to increase local production and reduce the importation bill in line with the state strategy.
He added that the factory depends on energy-saving technology and is keen to be eco-friendly in addition to recycling its waste.