Trade min.: Egypt capable of achieving industrial, economic leap

CAIRO - 16 March 2020: Minister of Trade and Industry Nevin Gamea said Monday Egypt is capable of achieving a great industrial and economic leap in the coming period in terms of its potentials and the measures which gain the trust of the foreign governments and institutions.

Gamea was speaking during a symposium, organized by the Canada Egypt Business Council, titled "The Future of Trade & Industry in Light of the Current Challenges" in the presence of a number of businessmen.

The council meetings is an important platform for communication between the government and the businessmen to review the government's plan and achievements about the industrial and trade issues which represent a main pillar in achieving a comprehensive economic development, the minister noted.

Egypt encourages the factories to achieve economies of scale to compete more at the local and international levels by taking decisions which contributed to increasing the factories productive capacity to meet the local needs and export abroad, she stated.

The minister pointed out that the Trade and Industry Ministry expanded in establishing the specialized industrial complexes.

Up to 13 complexes are being finished in 12 governorates, nine of them are in Upper Egypt and set to be finished by the end of 2020.

Regarding the impact of coronavirus, Gamea said the ministry monitors the virus's repercussions on importing the production requirements from abroad, noting that factories are not being negatively affected by this matter.

The minister added that the current circumstances should be benefited from through promoting the local industry and export.