Government approved 253 industrial projects in May 2017

CAIRO – 29 June 2017: The Ministry of Industry, Trade and Small Industries has approved 253 industrial projects at an estimated cost of LE 2.2 billion ($121,412), as announced by Minister Tarek Kabil said in press statement on Thursday.

Providing 50,000 job opportunities across several sectors, the latest annual report by the Industrial Development Authority revealed that the projects will include the engineering, chemical, food, textile, mineralization, construction materials and leather sectors.

In addition to improving industrial investment rates, the recently issued investment is expected to decrease importing rates and achieve the aspired equilibrium in Egypt’s trade balance. This is done through information search on required projects, their needs and establishment of complementary industries to support the required projects, as explained by Kabil.

The investment map will spread across the nation, in Giza, Cairo, Sharqia, Gharbia, Qalyubia, Alexandria, Menoufia, Beheira and Minya.

As many as 107 investors have received approval to widen their industrial projects with investment estimated at LE 4.2 billion ($231,696) in 2017, compared to last year’s 90 investors in 2016.

“The ministry’s top priority is SME projects and to encourage entrepreneurship as the main drive of development,” said Kabil, pointing that 2.5 million small and medium enterprises and micro-enterprises employ 75 percent of the total labor force, with 17 percent of them exporting their products.

The minister affirmed that indolent investors will be faced with decisive actions being taken by the authority, including the withdrawal of licenses.

In the same context, Ahmed Abdel Razek the head of General Authority for Industrial Development said 149 projects were approved in May 2017, compared to 123 projects at the same time of 2016, while the authority approved the modification of the industrial registry of 740 industrial buildings in 2017, compared to 555 in 2016.