Prime Minister Mostafa Madbouly has called for a national initiative to be launched that will see serious expansions in locally produced raw materials.
During a meeting with industrialists and businessmen on Friday, Madbouly said the state aims to provide facilities and incentives that enable local industries to strengthen their production capabilities.
These materials will be produced to meet the needs of many sectors which may have been affected by the recent decline in imports due to the ongoing coronavirus (COVID-19) pandemic.
The locally produced materials will be used for national projects, as well as expanding production to cover local demand. Efforts will be made to find the production lines that meet these requirements, and to start production through high quality Egyptian brands.
Madbouly added that the coming period is an opportunity for local industry to make a strong comeback and restore its influence.
Madbouly expressed his confidence that some national industrial establishments can reach 100% domestic production.
Madbouly noted that although recent state incentives have been a response to the repercussions of the ongoing coronavirus crisis, they have been a long time in the pipeline. He added that it had simply been a matter of waiting for the most appropriate timing, such as when natural gas and electricity prices for factories were reduced.
Mohamed El Sewedy, Chairperson of Federation of Egyptian Industries, said the current circumstances are the most appropriate time for strengthen local production. This is especially due to the great impact that the coronavirus outbreak has had on global industry.
El Sewedy called for research centres that work in industry and products development to be expanded. This would meet the needs of factories that depend on imported products, as well as promoting SMEs which feed products to major local factories.
Industrialists have stressed the need to make Egypt a factory for Europe, especially in the manufacture of raw materials for some sectors.
Madbouly confirmed that other meetings will follow Friday’s meeting, until a specific vision has been reached and a work strategy boosting industry and supporting the national economy has been agreed upon.
