Mon, 08 Aug 2022 - 04:37 GMT
Mon, 08 Aug 2022 - 04:37 GMT
CAIRO – 8 August 2022: Egyptian President Abdel Fattah El-Sisi has urged expanding exploration of more fields of industry localization especially with regard to the infrastructure projects given the huge and numerous projects nationwide.
Sisi also urged enhancing all components of the industry localization and modern technology transference processes, including by providing training for Egyptian human cadres on manufacturing and maintenance works, the Presidency said in a statement.
This would provide further job opportunities and support economy through the exploitation of the feeder national industries and having the local industry products at lower prices that their foreign counterparts.
Sisi made the remarks in a meeting with Director General of the National Service Projects Organisation (NSPO) Walid Aboul Magd, President and CEO of Elsewedy Electric Ahmed El Sewedy, and Elsewedy officials Ahmed Ouda and Wael Dawoud.
The president has followed up on the state’s efforts to localize industries especially in the infrastructure field in numerous meetings over the past weeks with global supply chains disrupted due to the conflict in Ukraine.
Earlier this month, Sisi ordered the construction of the largest polyethylene industrial complex in the Middle East to cover local needs and decrease the import bill.
The complex, set to be located in Upper Egypt, will include six main factories working in different sectors related to polyethylene derivatives.
The complex will include 30 production lines that are set to produce 1,000 different products, the statement said. This will contribute to providing hard currency and reducing dependence on imports.
The new complex is expected to contribute to the production of a large part of the industrial requirements used in many sectors, including the digital transformation sector through the production of all fiber works and requirements of cables.
This is in addition to the sector of modern transportation, including the monorail and the LRT. The industrial complex is set to also provide around 35 percent of the industrial needs for the infrastructure in the "Decent Life" initiative instead of importing them.
The complex will conform to European specifications and its products will be internationally accredited. Also, it will open up prospects for export especially to African countries which share free trade agreements with Egypt, especially COMESA countries.
The complex will also contain a special sector for training and technical education and will provide thousands of job opportunities in Upper Egypt.
In June, Egypt also launched the national strategy for localizing the automotive industry with a view to turn Egypt into a main gateway for emerging vehicle markets in the African continent and establishing commercial ties with main regional trade partners.