CPYP report highlights development in Egypt’s industrial sector

CAIRO – 3 November 2021: The industrial sector in Egypt has witnessed remarkable development at all levels over the past years in line with the state’s development plan.

The country has adopted laws and legislations in this regard, achieved development represented in increasing exports, decreasing imports and real decline in trade balance deficit, which proves that it is proceeding according to correct steps and based on a well-studied strategy.

A report issued by the Coordination Committee of Party's Youth Leaders and Politicians (CPYP) monitored an increase in total Egyptian merchandise exports from $18.6 billion in 2015 to $25.6 billion in 2020, while Egyptian merchandise imports declined from $77 billion in 2014 to $59 billion in 2017, followed by a decline of 24 percent in 2020, followed by a decrease in the trade balance deficit from $54 billion in 2014 to $38.3 billion in 2020.

The report emphasized that Egypt issued a number of important laws to advance the sector, including the “Industrial Development Authority Law” and Law No. 5 of 2015 favoring Egyptian products in government contracts. It also established 3 new industrial cities, namely, the Leather City in El Robeki, the new Furniture City in Damietta, and the New Textile City in Sadat. As well as the establishment of 5 industrial zones under the industrial developer system, and 17 industrial complexes in 15 governorates at the level of the Republic.

The report indicated that the state adopted a plan to train workers and craftsmen in order to meet the industrial sector's needs of qualified technical workers. It also issued 3,000 Egyptian standards in various fields, and launched the Egyptian Halal mark, with the aim of combating corruption and bribery.

The report stated that Egypt did not neglect foreign relations in the field of industry, and signed several international agreements and protocols at the level of the African continent, Arab countries and the world.