Egypt’s industrial sector achieves highest rate of exports in years, reaching $32 bln: Minister

CAIRO – 30 May 2022: Egypt, Jordan and UAE have signed the Integrated Partnership Initiative for economic development through the good use of the capabilities of the three countries, announced Egyptian Minister of Trade and Industry Nevine Gamea.

She noted that the industrial sector has achieved the highest rate of exports in years, achieving $32.3 billion.  

In a telephone interview, Minister Gamea said that the trio partnership aims to provide diverse job opportunities in important sectors including: fertilizers, petrochemicals, and spinning and weaving.

The Minister of Trade and Industry added that “Egypt has good infrastructure, investment incentives and industrial lands to attract investment,” noting that there will be an exchange of experiences between Egypt, the UAE and Jordan in trade and economics.

Sher further revealed the formation of a committee of three ministers in the three countries to follow up on facilitating procedures and issuing licenses for investors on a daily basis, and that the Egyptian Ministry of Industry is responsible for extracting licenses for industrial facilities.

The Minister of Trade and Industry confirmed that the state is working to eliminate the bureaucracy in order to attract investors, and a golden license will be granted to any serious investor in implementing projects.

Minister Nevine Gamea added that President Abdel-Fattah El-Sisi directed granting lands to investors using the usufruct system according to the nature of the project, and it will be at the cost price and not the price of the land in full, noting that there are 28 percent of Egyptians working in the industrial sector and the state seeks to establish investments in each country to provide job opportunities.

The Minister of Commerce and Industry concluded that the procedures for obtaining a license for industrial lands and the required approvals will be simplified within 20 days.