Trade Minister Tarek Kabil during the inauguration of the factory - Press photo
CAIRO – 13 January 2018: Trade Minister Tarek Kabil inaugurated on Saturday a factory for the production of smart meters, with investments worth LE 50 million, in the industrial zone in 6 of October City on the outskirts of Cairo.
Kabil said that producing smart meters in Egypt reflects the ministry’s strategy that aims at boosting local manufacturing and focusing on high value-added products.
This in turn will help Egypt substitute imports with local production in addition to providing foreign currency and creating jobs, Kabil said on the sidelines of his visit.
He added that developing the engineering and electronic industries sector is a priority for the ministry as it is considered one of the promising sectors that can drive economic growth in the coming period.
He said that the engineering industries sector has a competitive edge locally and globally and has promising export opportunities. Kabil directed the factory’s managers to clearly write “made in Egypt” on the smart meters.
Also during his visit, Kabil inaugurated a new production line for one of the companies for printing and packaging materials, with investments of LE 100 million.
Some 2,300 factories had been opened in the past two years, the minister said, adding that 13.5 million square meters had been provided with infrastructure in a year.
He added that the flotation of the Egyptian pound has benefited exports and the industrial sector overall. Egypt’s exports in 2017 reached $22.4 billion, representing a 12 per cent increase, Kabil said.