The government also aims to establish 21 industrial complexes for three industries – File Photo
CAIRO – 4 July 2017: Minister of Industry and Trade told press on Tuesday that the industrial investment map will be released in September within the framework of the Ministry’s 2020 vision to develop the industrial and foreign trade sectors.
These plans are part of the national developmental strategy that must be implemented by 2030. The strategy’s targets are increasing the share of the industrial sector in the GDP to 21 percent with an eight percent annual growth rate and strengthening the competitiveness of Egypt’s exports to achieve annual economic growth of 10 percent.
The strategy also includes supporting small- and medium-sized industrial projects and boosting its share in the GDP, in addition to developing technical and professional education which would decrease unemployment rates and improve institutional performance to match economic governance criteria.
Kabil revealed that the government has allocated 11 million square meters to the industrial sector, increasing it further to 15 million and 60 million square meters in 2017 and 2020 respectively. The government also aims to establish 21 industrial complexes for textiles, furniture, and leather products industries.
The Ministry’s statements came during Egyptian President Abdel Fatah al-Sisi’s visit to Budapest. He added that Egypt’s exports to Hungary rose by 198 percent in the first quarter of 2017 and new products were introduced to the Hungarian market for the first time such as fertilizers.