The government is taking urgent measures to address economic challenges facing the country, and solve problems related to investment and business within a number of industrial and commercial sectors, according to Mounir Fakhry Abdel Nour, the minister of industry and foreign trade.
The minister said such steps would spur development and industrial production, improve the performance of the economy and decrease the burdens on citizens. He added that he is conducting meetings with different organisations, chambers of commerce and government ministries to determine what procedures and immediate programs should be implemented over the coming months.
He said the government was keen on supporting both foreign and domestic investment, with the hope to use such investment to spur the implementation of new development projects in different sectors over the coming months. Such developments, he said, would help incentivise and create more advantages for those operating within the economy.
Abdel Nour reinforced his commitment to “solve all problems encountered by both foreign and domestic investors,” saying that his office was seeking to cooperate with all relevant government agencies in order to find an immediate solution to such problems.
These statements came during a meeting held Sunday morning by the minister and his advisor Maher Bibris, in the city of Burg Al-Arab in the Alexandria governorate. They also visited three factories operating within the industrial, printing, garment and embroidery, yarn and fabric, medicine production, cosmetics and chemical production sectors. Such factories have so far attracted $192m worth of investment, with a large majority of their production being set aside for export, creating upwards of 1,800 jobs.
Abdel Nour said the ministry was working to facilitate growth within the country’s industrial and commercial sectors, and encouraging investors to pump additional funds into both industries for the purpose of creating and establishing new development projects.
Translated from Al Borsa