prime minister
This came during the meeting with Prime Minister, Mostafa Madbouly to follow up on the company’s recent developments.
The agreement aims to establish a specialized free zone dedicated to petroleum production, as stated by the Cabinet.
Prime Minister Dr. Mostafa Madbouly said that commodity prices in the local market are being closely monitored through the price control committee
To further this objective, a recent meeting was held, bringing together leaders and representatives from export councils.
He emphasized the significant role these funds play in advancing the Egyptian government's efforts to promote financial inclusion.
Egypt's current annual exports amount to $53 billion and the PM expressed his desire to increase this figure by 17-18 percent by 2030, to reach almost $145 billion
Rahmy further highlighted that MSMEDA provided an additional LE 141 million in grants for various initiatives such as infrastructure projects, community development, and training during the same period.
The objective was to discuss these criteria with the respective ministers before their submission to the cabinet.
At the outset of the meeting, the Prime Minister emphasized his interest in holding this meeting weekly to periodically monitor market dynamics and commodity prices.
The Prime Minister commended major international companies that have established factories of the highest standards within a remarkably short period.
During the meeting, the Prime Minister emphasized the urgent need to expedite customs procedures to release goods and merchandise at various Egyptian ports. This measure aims to boost the supply of essential commodities, manufacturing inputs, and medicines in the Egyptian market.
Upon arriving at the factory, the Prime Minister emphasized that any new investments or expansions from the private sector are a strong addition to the Egyptian economy, as these investments provide significant employment opportunities and offer high-quality products that meet the needs of the local market, a stance strongly supported by the government to encourage more investment in the upcoming period.
Expressing his delight at the Prime Minister's visit, Sadiq Al-Suwaidi, Chairman of the Board of Directors of Elsewedy Electric Company, highlighted the significance of the visit in line with the government's initiatives to boost the private sector and promote domestic manufacturing
During the tour, Prime Minister Madbouly reiterated the government's commitment to providing various forms of support and facilitation required for the full completion and operational commencement of the Beko factory, aiming to contribute to providing home appliances for both the local market and export.
The factory spans an area of 94,000 square meters. Investing over $100 million in its establishment and equipment, the company demonstrates its commitment to long-term investment in Egypt's local market and its overall expansion strategy in Egypt
Egypt had received $10 billion in the previous period from the funds of the $35 billion deal and took measures to convert $11 billion from deposits from the United Arab Emirates (UAE) at the Central Bank into local currency, as stipulated by the terms of the deal.
Madbouly added, during a press conference, that the Egyptian state is working on increasing dollar resources and rationalizing spending.
The Haier complex has $135 million in foreign direct investments, spans an area of 200,000 square meters and encompasses six factories across two stages
The primary objective of this program is to stimulate the growth of Egypt's exports, boost production levels, and generate more employment opportunities.
Egyptian Prime Minister Moustafa Madbouli met with the joint committee tasked with implementing the outcomes and recommendations of the National Dialogue, Extra News reported on Thursday.
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