Egypt’s Minister of Trade and Industry Nevine Gamea has revealed that small industries complexes in Aswan and Assiut governorates will be presented to investors in the coming period.
This will take place once the construction and finishing works at the remaining four complexes in the governorates of Beheira, Fayoum, and Qena are completed.
Once this takes place, the total number of complexes included in the ministry’s plan will rise to 17 housing a total of 5,046 units. The complexes are set to provide about 48,000 direct job opportunities in these governorates.
Gamea confirmed that the government is paying great attention to the spinning and weaving sector as one of the country’s vital industries.
The minister added that Egypt enjoys great competitive advantages in this sector that ensures its position as one of the leading producers of spun and woven products in the world.
It also enables the country to raise its exports to foreign markets and provide job opportunities for young people.
The minister’s remarks came during an inspection tour to the industrial complex in Mahalla Al-Kubra, on Monday, in which she also visited a number of spinning and weaving factories in Mahalla Abu Ali.
Gamea said that her ministry is keen to expand the implementation of the presidential initiative to support small- and medium-sized enterprises (SMEs). This will also seek to provide industrial complexes with complete facilities and equipment for investors to deepen local industrialisation.
The initiative also aims to raise added value, and provide job opportunities for young people across the country.
The minister indicated that the Mahalla Al-Kubra complex, which was launched as one of the seven industrial complexes presented during last October, has 611 units, with an area of 48 sqm per unit.
The complex specialises in the chemical, engineering, furniture and clothing industries, where contracts were handed over on Monday to allocate five units to five investors. A total of 52 units have so far been allocated, and 24 investors were contracted.
She said that the complex is designed and equipped with the highest technologies that serve the production within the units.
Gamea added that the industrial units at the complex are ready, including with all the licences and environmental requirements, and are available with a rent system at reasonable prices.
This contributes to encouraging micro-enterprise owners to speed up the start of production and attracting them to join the formal economy system.
The lease period for the unit is valid for 10 years, renewable in case the activity continues. Investors have also been granted a six-month grace period from paying the unit’s rent, until the activity at the production unit starts.
Gamea explained that the spinning, textiles, ready-made clothes, and furnishings sectors are one of the most important export sectors for the country.
Egyptian exports from the sector were reportedly $2.7bn in 2020, with the minister pointing to the importance of increasing this sector’s export rates. This comes particularly as Egypt possesses all the ingredients that qualify it as a serious competitor in the domestic and foreign markets.
