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Egypt to Develop Local Industry, Encourage Modern Technologies

Egypt to Develop Local Industry, Encourage Modern Technologies

Wednesday, 17 August, 2022 - 08:15
A worker at a textiles factory in Egypt. (Reuters)

Egypt's Ministry of Trade and Industry will focus on developing the local industry, increasing the proportions of the local component, providing raw materials and production requirements, encouraging modern technologies, and localizing several sectors.

Newly-appointed Trade and Industry Minister Ahmed Samir said the ministry would work to restore the status of Egyptian products, develop existing industries, and attract investments to implement new industrial projects which cater to the needs of the Egyptian market.

Samir pointed out that the current industrial policy will be evaluated, noting that decisions will be taken to increase the competitiveness of industrial sectors and open up new markets for Egyptian products to increase exports to $100 billion annually.

He added that the international challenges associated with the COVID-19 pandemic, the Russian-Ukrainian crisis, and the resulting worldwide economic repercussions require continuous diligent work with a strong will to develop a flexible financial system capable of confronting future shocks and problems.

The upcoming stage will witness more coordination and communication with the business community, including producers, exporters, and importers, to devise a strategy and determine the objectives of the ministry's work plan to implement the state's vision to advance manufacturing and exporting, he revealed.

Meanwhile, preliminary data from the Central Agency for Public Mobilization and Statistics (CAPMAS) in Egypt reported Tuesday that the manufacturing and extractive industries production index rose 3.91 percent in May.

The drinks industry recorded 342.18 percent in May compared to 262.81 percent in April, with an increase of 30.20 percent, the CAPMAS said.

The food industry also registered a 3.26 percent month-on-month increase in May.

However, several industries witnessed a decline, with the materials industry falling 2.57 percent, and chemical products and the manufacture of rubber and plastics products dropping 7.34 percent.

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