Trade and Industry Minister Ahmed Samir highlighted the government’s commitment to industrial growth and export enhancement through strategic partnerships with the private sector. The focus is on improving manufacturing capabilities and implementing policies to increase the value of raw materials and the competitiveness of Egyptian products.
The minister outlined key government initiatives aimed at improving legislation, creating a business-friendly environment, and attracting investments. These include simplifying industrial investment procedures and investing in workforce development. Despite challenges, substantial infrastructure investments in recent years offer promising opportunities for business expansion in Egypt.
Despite facing challenges such as foreign currency acquisition, regional instabilities, and security concerns, the Egyptian economy has shown resilience. Notable achievements include a 3.8% growth in the industrial sector and a rise in merchandise exports to $36bn in 2023, coupled with reduced imports.
The government has allocated over $8bn to enhance customs clearance and support the industrial sector’s access to raw materials. The “Immediate Cash Payment” initiative provides export subsidies of EGP 8bn until September 2023. Additionally, subsidized loans totalling EGP 120bn at a 15% interest rate are available to the industrial and agricultural sectors, with the state covering the interest rate difference.
The establishment of the Supreme Council for Automobiles and the Supreme Council for Taxes aims to address taxation issues holistically, encouraging the integration of the informal economy into the formal sector.
The government’s economic policies are designed to achieve the national industry strategy’s goals, which include increasing petroleum and non-petroleum exports from $53bn to $145bn annually within six years, boosting the value of industrial additives by 20% annually, and raising the green economy’s GDP contribution to 5%. The strategy also aims to create 7 to 8 million job opportunities, leveraging Egypt’s strategic sectors, location, trade agreements, infrastructure, and human resources.
