Over last 10 years we developed infrastructure, established 25 tec. university to encourage industry, President Sisi

CAIRO – 26 November 2024: Egypt’s President Abdel Fattah al Sisi said on Tuesday that the government made a great effort over the past ten years to provide a suitable environment for the development of industry and for it to become part of the country’s local product.

He added during meeting with number of the heads of major international companies operating in the industrial sector that Egypt is a very large market and has a very good relations with African, Arab, European and East Asian countries. ‘Our relations are good with all countries,’ Sisi said.

The president explained that during the past period, the government tried to create a suitable infrastructure for industry and that all the necessary areas for industry have been developed.

“We also worked on the legislative structure to secure companies, and launched an investment strategy,” Sisi added noting that Egypt is very interested in the private sector and providing a suitable environment for it.

President Abdel Fattah al Sisi said that there is a big difference between assembling products and manufacturing products, and this difference was clear during witnessing the repercussions of past crises on industry, such as COVID-19, the Russian-Ukrainian war and Gaza war.

‘However, producing many things in Egypt will make a big difference,’ He noted.

Sisi further added that in 2016 and 2017, he visited many countries and talked a lot about the electric car industry.

 He announced that Egypt is ready to provide incentives for the manufacture of electric cars.

“LE 100 billion have been allocated by the country for the electric car industry. We are ready to support and help. We will allocate the needed land and issue all the necessary papers for all investors. As a businessman, you will have to bring the equipment and start with the business right away,” Sisi explained during the meeting.

He said that the country will not do this to be ‘partners’, but to encourage industry and production.

President Sisi said that over the past 10 years, the number of universities in Egypt have been doubled. “We established 25 universities, all of which are science and technology universities, in order to provide appropriate education for young people to work in various industrial fields.”