Egypt targets to raise size of industrial production to LE4.3T in FY2023/24

CAIRO – 17 July 2023: Egypt targets to raise the size of industrial production by 19 percent from LE3.6 trillion in FY2022/23 to LE4.3 trillion in FY2023/24. There is also a goal to make it LE5.74 trillion in FY2025/26, according to a report released by the House of Representatives' Industrial Committee.

The report noted that the sector's shares in the GDP and non-oil exports are 16 percent, and 85 percent, respectively. It also employs 3.5 million workers, representing 13 percent of the labor force.

That is by incentivizing industrial investment, deepening local manufacturing, and enhancing the competitiveness of the industrial sector by improving the systems of specifications, quality, and control.

Other measures include expanding the export development programme, establishing industrial complexes in governorates receiving less investments and granting incentives to investors there, as well as encouraging factories to modernize and expand.

The plan also includes funding and rewarding innovations, in addition to promoting and localizing promising industries, such as pharmaceuticals and vaccine production.