Developing industry top priority for government - Kabil

Trade and Industry Minster Tarek Kabil said Wednesday that developing the industrial sector was a top priority for the government currently, as an effective instrument for sustainable and comprehensive growth.

The industrial sector is capable of creating more jobs and optimizing the utilization of the economic resources, Kabil said during a speech he delivered before a forum organized by the Egyptian-Canadian business council under the rubric of “future of the Egyptian industry amid the current challenges.”

The minister noted that the industrial sector represented 17.7 percent of the GDP.

He praised the relations binding both Egypt and Canada, elaborating that it was positively mirrored in the volume of inter-trade between the two countries, as it hit 1.1 billion dollars in the last year.

The Egyptian exports to Canada significantly increased by 35 percent to reach 780 million dollars in 2016 compared to 580 million dollars in 2015, Kabil said.

Meantime, the Egyptian imports from Canada receded by 25 percent, falling to 250.5 million dollars in 2016 against 334.7 million dollars in 2015, the minister said.

He noted that the Canadian investments in Egypt currently stood at two billion dollars.