The Senate’s Arab, Foreign and African Affairs Committee, headed by Dr. Effat El-Sadat, recommended the need to deepen local industrialization in Egypt, to raise the proportion of local components of the industrial product, and to settle many promising industries in industrial zones, free and qualified industrial zones (QIZ).
The directives aim at bridging the gap between exports and imports and achieving self-sufficiency of local products and therefore decreasing exportation using foreign currency.
Madbouli said the sustainability of development rates reached by Egypt requires promoting the local industry to guarantee keeping the economy on right track.
The decision by Egypt’s Trade Ministry to maintain tariffs on steel rebar from China, Turkey.
"Imports used to kill industry for their bad quality and for the lack of surveillance," Minister of Trade Tarek Kabil noted.
Egypt has 230 companies operating in that sector with LE 4 billion in investments, employing 22,000 engineers and workers.