Egypt’s Minister of Trade and Industry Nevine Gamea said the government considers infrastructure as one of the main sectors to which it aims to attract local and foreign investments, as the state aims to establish 14 fourth-generation cities.
Gamea’s remarks came during the UAE’s annual investment forum. She also highlighted how the economic reform programme, which was put into effect in 2016, has contributed to making Egypt one of the most promising markets in the Middle East and Africa (MEA) region.
She noted that these reforms have contributed to macro stability and comprehensive and sustainable growth, by controlling the financial and monetary policy, and restructuring some sectors, especially the energy sector.
They have also liberalised the exchange rate, improved the investment environment and climate, and stimulated economic growth led by the private sector as the government’s key partner.
Gamea explained that the government has made significant strides in implementing many national projects, especially in the field of infrastructure.
Gamea pointed out that the state is keen to continue establishing industrial complexes. This will take place by implementing the presidential initiative to employ young people through the provision of ready factories with licences that suit the diversity of small activities targeted.
This mainly aims to provide a development solution to support industrial integration between large and small factories, and contribute to encouraging local and foreign investments in complementary and valuable industries and related industries, as well as industries based on the use of technology and knowledge.
In this regard, the minister said that the allocation and start of production has been completed in four industrial complexes in Badr City, South Al-Raswa in Port Said, Sadat City, and Merghem in Alexandria. A total of 13 complexes are being finished to meet the needs of small producers, or the so-called micro industries.
The minister also indicated that a successful model for managing and establishing industrial zones in Egypt has been established with the participation of a private sector developer.
A total of 12 industrial zones have been designed and planned on the basis of sustainable industrial zones. They include training centres, business development centres, a logistical area, and a service area. The rate of industrial zones in the private industrial developer system has reached nearly 95%, which reflects the experience’s great success in terms of marketing and investment.
Gamea called on investment entities to direct their finance to the Egyptian market and exploit the strategic depth of the local market and the country’s relations with many countries and economic blocs. This will also ensure a general benefit from the free trade agreements that allow products manufactured in Egypt to enter a large consumer market of nearly 2 billion people.
The investment opportunities session in Egypt witnessed presentations from Major General Mohamed Zalat, Chairperson of the Industrial Development Authority (IDA), Adviser Mohamed Abdel Wahab, Chairperson of the General Authority for Investments (GAFI), and Amr El-Batreq, President of the Suez Industrial Development Company (SIDC).
