Egypt to increase private sector participation to 65% in the next 3 years

CAIRO – 27 August 2023: Prime Minister Mostafa Madbouly stated that the Government of Egypt is working on strengthening the private sector’s role and increasing its contribution to the economy to reach 65 percent over the next few years.

This came during an inspection tour conducted by the prime minister on the sidelines of his participation in the 15th summit meetings of the BRICS bloc, on behalf of President Abdel Fattah El-Sisi.

Madbouly also added that the Government is continuously working to improve the investment environment to by developing the legislative framework, and removing the bureaucratic obstacles.

Mabouly’s tour included the automotive industry modernization center and a group of auto factories, where he visited a number of production, assembly, and spare part sites.

The prime minister also held a meeting with members of the African Association of Automotive Manufacturers (AAAM), in the presence of President of Ford Motor Company Africa Neale Hill, CEO of AAAM David Coffey, and Mike Whitfield, the Nissan Group Strategic advisor and the president of AAAM.

During the meeting, Madbouly reviewed Egypt’s efforts and progress in advancing its automotive industry.

The prime minister added that in October 2022, Egypt issued Law No. 162, which provided the launch of two main entities to maintain coherent, consistent, and dynamic policies for the automotive sector.

The two entities are the Supreme Council for Auto Manufacturing and the environmentally Friendly Automobile Industry Fund to finance the manufacture of eco-friendly vehicles.