CAIRO - 21 November 2024: Egypt's engineering industry is experiencing a remarkable surge, with exports skyrocketing 25.6% from January to September 2024. This significant growth, fueled by strong demand from key global markets, has positioned the sector as a major driver of the country's economic development.
Key sectors such as cables, electrical equipment, automotive components, home appliances, electrical and electronic industries, and transportation have been instrumental in this impressive performance. Cable exports led the way with a 33.6% increase, while electrical equipment followed closely with an 8.1% growth.
Automotive components, home appliances, and electrical and electronic industries also recorded substantial gains of 24.4%, 5.8%, and 9.3%, respectively. The transportation sector witnessed an exceptional 107% surge, underscoring its significant potential.
European markets, including the UK, Turkey, France, and Germany, have emerged as key destinations for Egyptian engineering products. In Asia, Saudi Arabia, the UAE, Iraq, and Lebanon have become major importers. Additionally, African markets, such as Libya, Algeria, Morocco, and Tunisia, have shown strong demand for Egyptian-made goods.
To further bolster the sector's growth, the Egyptian government has implemented strategic initiatives. A 15% deduction on delayed dues has been introduced to enhance competitiveness in global markets. Moreover, the government has successfully attracted 12 international companies to invest in the home appliances and electrical sectors in 2023.
With a workforce of 19% employed in the engineering sector, Egypt's economic future is closely tied to its continued growth. By leveraging its strategic location, skilled workforce, and supportive government policies, the industry is poised to solidify Egypt's position as a global manufacturing hub.
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