Thu, 12 Nov 2020 - 03:55 GMT
Manufacturing - via Wikimedia Commons
CAIRO – 12 November 2020: The manufacturing sector contributed by 10 percent of the growth rate achieved in the first quarter of 2020, Deputy of Minister of Trade and Industry and Head of the Commercial Representation Authority Ahmed Maghawry stated on behalf of the minister.
This came during delivering Nevine Gamea’s speech by Maghawry on a panel entitled, Future Bilateral Trading Relations, at Virtual Egypt Week, and attended by ET.
He added that the Egyptian state, led by President Abdel Fatah El-Sisi, is seeking to make more efforts to achieve sustainable economic growth by focusing on a number of promising sectors and implementing an action plan for structural reforms in these sectors to increase their competitiveness and added value, especially the manufacturing sector, which is of importance and priority to the state.
“The Egyptian government, over the past few years, has embarked on implementing macroeconomic policies aimed at achieving diversified and sustainable economic growth rates, and has set the economic reform program at its top priority by implementing a comprehensive development strategy that called "Egypt Vision 2030", which aims to achieve several goals that Egypt sets,” he stated.
According to the speech, the vision targets several goals that put Egypt among the 30 largest countries in the world in the fields of economy and social development, and contributes to achieving an increase in the average growth of the gross national product and reducing the state's budget deficit and inflation rates.
He noted that the Ministry of Trade and Industry has issued an integrated industrial investment map, which reflects the great interest that the state's assumption of the industrial sector, which is currently the engine of development for the Egyptian economy, as this map contributes to informing the investor of the available investment opportunities and obtaining the necessary lands and licenses, which will positively affect the industrial development movement during the next stage.
Maghawry explained that the Egyptian state has also set up a national program to deepen local industrialization for the period from 2019/2024, which aims to increase the competitiveness of local products, support productive activities in promising industrial sectors, maximize the utilization of available productive capacities, stimulate investments directed at deepening local manufacturing, and develop an integrated system for evaluating suppliers while working on Establishing a highly competitive supplier base of small and medium industries to link them with major manufacturers.
Regarding the efforts of the Egyptian state to confront the Coronavirus crisis, he noted that one of the most important factors in the resilience of the Egyptian economy in facing the crisis was that the government, starting from February 24, 2020 until now, was targeting the sectors most vulnerable to risks, as well as allocating a value of LE 100 billion to finance the comprehensive plan to confront the pandemic and tax exemptions.
"Egypt Virtual Week" kicked off on Monday, Nov. 9. It will last for four days till Nov. 12.
Egypt Virtual Week event is organized by the Egyptian British Business Association BEBA and the Egyptian-British Chamber of Commerce (EBCC) in cooperation with the Embassy of the Arab Republic of Egypt in the United Kingdom and the Department of International Trade (DIT).
DIT is a part of the U.K. government that works on helping businesses export and grow into global markets.
The event discusses the green economy file and ways Cooperation between Egypt and the United Kingdom in this regard and deepening trade, economic and investment relations between the two countries.