Egypt provides 248 opportunities worth $20B to deepen local industrialization

CAIRO – 12 June 2019: Egypt is currently adopting a program to deepen local industrialization and increase the added value of Egyptian products, Assistant Minister of Trade and Industry Ahmed Taha said Wednesday.

He added in a statement that the program provided 248 investment opportunities during 6 months with a market value of $20 billion.

Taha clarified during his participation at the Industrial Development Conference in Peru that Egypt's vision for 2030 and the ministry's 2020 strategy is based on the axes of developing small and medium enterprises, developing industrial zones and promoting entrepreneurship to increase industrial growth rates.

Said emphasized the importance of industrial zones and their role in accelerating the pace of economic growth and creating more job opportunities. He pointed out that the Egyptian government is currently implementing 13 industrial complexes within the plan of achieving comprehensive industrial development.

Minister of Trade and Industry Amr Nassar said in January that 13 industrial complexes with 4,300 industrial units will be completed in 12 governorates during 2019, adding that after the completion of these complexes, the total complexes established by the ministry will hit 17 complexes out of a total of 22 complexes the ministry aims to construct in light of the strategy set by the ministry until 2020.

The minister pointed out that Upper Egypt allocates nine of the 13 complexes, which confirms the government's keenness to achieve development in the governorates of Upper Egypt, which suffered during the past period.