Total investments of industrial sector to hit EGP 125.7B under 2021/2022 plan

CAIRO, - 19 August 2021: Planning Minister Hala el Saeed expected the total investments of the industrial sector to hit LE 125.7 billion under the 2021-2022 plan.

These investments include LE 16.6 billion in oil refining industries and LE 109.1 billion in non-petroleum transformative industries.

She made the remarks on Thursday, within the framework of a review presented by the Ministry of Planning and Economic Development on the targets of the transformative industries sector under the 2021-2022 fiscal year plan, which represents the fourth year of the medium-term plan for the 2018/2019 -2021/2022 sustainable development.

She stressed the importance of the industrial sector which contributes about 17percent of the Gross Domestic Product and absorbs about 15percent of the total regular workers. It is also responsible for 80percent to 85percent of the total non-petroleum commodity exports.

The industrial sector is at the forefront of hard currency sources, she added.

The main goal of the transformative industries under this plan is to increase non-petroleum industrial production to LE 1.75 trillion at current prices, with a growth rate of 9.9 percent in 2020-2021.

Moreover, the plan aims at proceeding with efforts to upgrade companies of the public business sector.

The plan is also meant to finalize the establishment of six industrial complexes in the governorates of Assiut, Qena, Aswan, Beheira and Fayoum, within the framework of a plan to set up 13 industrial complexes for medium and small enterprises, in addition to offering 10 million square meters of industrial lands with all need utilities for investors.

The plan also aims at establishing a unified entrepreneurship network in addition to boosting investments in eco-friendly manufacturing.