Minister of Trade and Industry Tarek Kabil announced that the ministry will establish 200 small factories in each of Upper Egypt’s seven governorates. He added that the Industrial Development Authority will offer the projects to an industrial developer, which will then offer the projects to investors.
In a different context, Kabil said that the cabinet approved amending Law No. 155 for 2002 relating to exports development, which gives export councils legal status, instead of being consultants to the minister. Following the amendment, councils will be eligible to open logistic centres and the Federation of Egyptian Industries will have the right to nominate a third of the councils’ members. The amendments also give the export councils the right to open bank accounts.
Kabil noted that the amendments also enable export councils to be more effective abroad.
He explained that exports increased by $1.8bn, marking a 25% increase, in January and by $1.5bn, 19%, in February, compared to the same months in 2016.
Finally, he said that the ministry will announce the small and medium enterprises agency by the end of May.