Egyptian economy witnessing remarkable development across all sectors: Kabil

Daily News Egypt
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Minister of Industry and Trade Tarek Kabil (Photo by Asmaa Gamal)

Minister of Industry and Trade Tarek Kabil said the Egyptian economy is currently witnessing remarkable development across all sectors and levels as a result of the comprehensive economic reform plan adopted by the government, which has strengthened Egypt’s position on the global investment map.

This came in the context of the minister’s speech at the China-Egypt Trade and Investment Promotion Conference, held in Yinchuan, in the presence of Qian Keiming, vice minister of commerce, and a large number of representatives of the business community in Egypt and China.

Kabil added that the ministry’s strategy aims to increase the industrial growth rate to 8%, increase the growth rate of exports by 10% annually, and increase the contribution of industrial output in the GDP from 18% to 21%. In addition, 3 million jobs will be provided, and there will be an increase in the rate of public investment in the industrial sector to reach nearly EGP 100bn by 2020.

The minister said that the strategy is based on the development of five strategic axes: industry; exports; small and medium enterprises; technical and vocational education and training; and standards of governance and institutions.

Chinese companies have large production and technological capacity to lead China’s economic growth locomotive, he said, pointing to the importance of increasing Chinese investment in the Egyptian market and benefiting from the economic ties and ties between Egypt and China within the framework of the comprehensive strategic partnership.

Furthermore Kabil said that the volume of trade exchange between Egypt and China had recorded $11bn in 2016.

He called on Chinese companies to participate in this forum to direct their investments to the Egyptian market in various investment sectors available and to benefit from the investment advantages offered by the Egyptian market, such as large consumer capacities and surplus demand and the abundance of natural resources and inputs of production and skilled labour at competitive prices.

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