Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, recently convened with members of the Federation of Egyptian Industries (FEI) and heads of industrial chambers. The purpose was to review the ministry’s vision and plan for the upcoming phase.
Industrial Licenses: The ministry aims to streamline the process of obtaining industrial licenses, ensuring that applicants face no obstacles. This move is crucial for serving Egypt’s industrial sector effectively.
Cooperation with the Private Sector: Efforts will focus on enhancing collaboration between the Ministry of Industry and the private sector. The goal is to boost Egypt’s industrial sector, restore the reputation of Egyptian products, meet local market needs, expand exports, and drive comprehensive development.
Five Pillars of the Plan:
- Optimizing Imports: Prioritizing local production of high-quality goods that meet market demands.
- Maximizing Exports: Leveraging Egypt’s raw materials and established industries to increase foreign currency reserves and support the economy.
- Addressing Unemployment: Enhancing skills and craftsmanship among the workforce to improve industry quality and attract foreign investment.
- Supporting Struggling Factories: Facilitating their reoperation and expansion through efficient governance procedures.
- Industrial Development Law: Joint efforts will activate this law, expediting industrial license procedures.
Business Environment Improvements: The focus includes amending conditions in contracts issued by the Industrial Development Authority, promoting local manufacturing, and attracting foreign investment.
Minister Al-Wazir emphasized increased cooperation, frequent visits to industrial establishments, and problem-solving sessions. The goal is to swiftly issue licenses for new factories, revive idle ones, and enhance overall production quality, positioning Egypt as a significant industrial hub.
This plan reflects a strategic approach to bolstering Egypt’s industrial sector, addressing challenges, and fostering economic growth.
