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This strategy aims to revitalize Egypt’s manufacturing sector
Egyptian Prime Minister Mostafa Madbouly recently underscored the government’s unwavering commitment to bolstering the industrial sector by fostering strong collaborations with the private sector.
During a cabinet meeting, Madbouly emphasized that the private sector plays a pivotal role in driving economic development. The recent meeting chaired by President Abdel Fattah Al-Sisi focused on reviewing the National Strategy for Industry. This strategy aims to revitalize Egypt’s manufacturing sector, harness existing industrial capabilities, empower both Egyptian and foreign private sector entities, and position Egypt as a regional and international industrial hub.
“We are committed to supporting industry with a strong partnership with the private sector,” Madbouly said. “This is a key driver of our economic development.”
President Al-Sisi has instructed the government to intensify efforts in localizing promising industries within Egypt. The transfer of technology, with active participation from the private sector, is a key component of this initiative. Relevant ministries and bodies will collaborate closely to enhance the competitiveness of Egyptian industries in both domestic and foreign markets.
Madbouly acknowledged the challenges faced by struggling factories. To address these issues, he expressed gratitude to Minister of Industry and Transport, Kamel El-Wazir, for his dedication. Unconventional solutions will be explored to support factory operations.
Madbouly assured that no industrial facility will be closed without his personal approval. Additionally, a new policy for factory inspections will be implemented. Inspections will now be conducted by a committee comprising representatives from the Ministry of Industry and other relevant bodies, ensuring transparency and fairness.
The Prime Minister emphasized the need to continue developing oil and gas exploration activities. The “Egypt Exploration and Production Gateway,” the country’s first digital platform, aims to attract investment in exploration and research. Expanding digital bidding in various exploration zones and reviewing financial regulations are essential steps.
Madbouly instructed the Environment Minister to collaborate with the Minister of Youth and Sports. Their goal is to implement proposals from civil society organizations that engage youth in tree-planting projects across governorates. This initiative addresses environmental concerns and leverages the energy of young people, particularly in areas with high air pollution levels.
As for the economy, Madbouly urged the economic cluster of ministers to adopt a preferential approach to attracting capital transfers. This strategy aims to attract stable foreign direct investment, leading to technical modernization, improved management systems, workforce training, and increased exports.
Madbouly concluded the meeting by congratulating the three Egyptian athletes who won different medals in the Paris Olympics, representing Egypt and achieving accomplishments that the entire nation is proud of. He acknowledged that while the nation hoped for more medals, he instructed the Ministry of Youth and Sports to conduct a comprehensive evaluation of the performance of all sports federations that participated in the competitions.
In this context, Madbouly directed the Minister of Youth and Sports to prioritise supporting talented and exceptional young athletes at sports and youth institutions, and to develop a comprehensive plan for training young Egyptian athletes for participation in regional and international sporting events. |
