The industrial sector plays a central role in boosting the national economy, he added during a meeting held Sunday to follow up on efforts to localize technological industries and the mobile phone industry in Egypt.
Transformative industries constitute 85 percent of Egypt's non-petroleum exports.
The trade sector is much easier to deal with compared to the industrial sector, which needs to great efforts to promote and develop it, according to Hassan Abdalla.
These investments include LE 16.6 billion in oil refining industries and LE 109.1 billion in non-petroleum transformative industries.
“Egypt was one of the few countries that recorded during the crisis an economic growth of about 3.57 percent during 2019/2020,” Minister of Trade and Industry, Nevine Gamea, said.
Deputy Governor of the Central Bank of Egypt Gamal Nagm declared that the board issued a decree on Sunday extending the grace period of stumbling factories.
The minister pointed out that the target is always to make a positive contribution to the net exports in economic growth.
Prime Minister Mostafa Madbouli said Saturday the government's work program includes a key goal of improving the competitiveness of the country's industrial sector.
The industrial sector’s debt to the Petroleum Ministry reached LE 11 billion by December 2017, an official source at the petroleum Ministry said.
The IDA was scheduled to launch six million square meters of land plots to investors by the end of 2017.
The government wants to increase the involvement of small and medium enterprises (SMEs) in the GDP.
Kabil said Wednesday that developing the industrial sector was a top priority for the government, as an effective instrument for comprehensive growth.
A pick-up in the industrial sector helped China post better-than-expected second quarter economic growth.
The industrial growth rate hiked 4.7 percent in the first nine months of fiscal year 2016/2017.
The industrial sector’s production value rose 11.3 percent in the third quarter of 2017, up from LE 84.8 billion ($4.6 billion) in Q3 2015.