Cairo – June 12, 2024: During Wednesday’s cabinet meeting, Prime Minister Mostafa Madbouly revealed that Egypt is looking to establish companies and industries that leverage Egypt's mineral wealth, such as electronic chip and semiconductor manufacturing, to bolster the economy and advance sustainable development goals.
The meeting held discussions focused on harnessing the country’s vast mineral deposits, particularly white and black sand ore to strengthen manufacturing capabilities, with the aim of meeting the rising global demand for electronic chips and semiconductors.
The electronic chip industry has faced mounting pressures worldwide for the past few years, with increasing demand for chips outpacing supply amid global shortages and supply chain disruptions.
During the meeting, Mohamed El-Homsani, the cabinet’s official spokesperson, presented a comprehensive report reviewing the activities of the committee tasked with localizing the electronic chip industry.
These efforts aim to maximize the potential of Egypt's mineral assets and foster the localization of digital chip and solar cell industries.
The meeting also outlined a potential roadmap for manufacturing the chips, including engaging a global consultant to formulate a strategic plan and visualization for the development of the industry in Egypt.
The decision was unanimously reached during the meeting to initiate the tender process for selecting a global consultant, with the Ministry of Finance, Planning, and Economic Development tasked with allocating necessary funds in the upcoming fiscal year's budget.
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