Egypt’s Prime Minister Mostafa Madbouly toured several factories and companies newly established in the investment zone of the Industrial Development Group (IDG) – a shareholding company with joint Egyptian/German/American investments – in 6th of October City on Monday.
He was accompanied by Minister of Trade and Industry Nevine Gamea, Governor of Giza Ahmed Rashid, and Executive Director of the General Authority for Investment and Free Zones Mohamed Abdel Wahab.
Madbouly stressed the continuation of all concerned state agencies to provide various facilities that would attract investors to pump new investments.
The minister explained that the new investment could be whether to establish factories or new companies or implement expansion plans for already existing projects
He said this comes based on continuous directives of President Abdel Fattah Al-Sisi to support and develop the industrial sector, as it is one of the most important sectors achieving economic growth, and in a way that contributes to supporting the state’s efforts to localize a number of industries, and implement the strategy of deepening the local component in many industries.
Madbouly began his tour by visiting the Industrial Development Group “IDG”, where he was received by Chairman of the Board of Directors of the group Karim Sami Saad who gave a detailed presentation about the group for the development of a number of industrial areas in the Sixth of October City and the East Port Said Economic Zone The New Alamein City and reviewed the advantages offered by each of these industrial zones and their existing industries, which vary based on their geographical location.
Sami Saad explained the stages of development of the Industrial Development Group, explaining that it had started its activity since 2008, and that it had developed about 22 million square meters in various regions, with 192 investors, between already existing factories, numbering 81, and others under construction, numbering up to 28 plants.
Saad added that the Industrial Development Group works mainly on consolidating the principle of integrated sustainable industrial development, which is a new concept that differs from just developing land and offering it for industrial exploitation by various companies, pointing out that this allows the localization and deepening of many industries, such as the manufacture of vehicles. railways, automobile industries, as well as the advancement of feeding industries.
Saad also addressed a number of enabling factors to attract more industrial investors, as well as the problems they face to expand their activities. In this regard, the Prime Minister directed the preparation of an integrated study on these obstacles, to work on quickly solving and removing them.