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Egypt records 6.5% industrial growth in FY21: Gamea - Daily News Egypt

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Egypt records 6.5% industrial growth in FY21: Gamea

Trade Ministry prepares list of 100 incentive measures to advance industrial sector, says Gamea

Egyptian industry achieved many positive indicators in 2021, achieving an industrial growth rate of 6.5% in fiscal year (FY) 2020/21, and contributed by 17% in GDP, according to Minister of Trade and Industry Nevine Gamea.

Gamea said that the industrial sector contributed to providing thousands of job opportunities in 2021, despite difficult circumstances and challenges faced by the global economy.

The minister explained that the government with all its agencies is cooperating with the Ministry of Trade and Industry to provide an attractive climate for investment in the industrial sector. Moreover, a list of 100 incentive measures has been prepared, based on directives of the Prime Minister, to advance the Egyptian industry and attract investors to invest in the various industrial sectors.

The minister said, “President Abdel Fattah El-Sisi has directed the government to maximise benefit of Egyptian production capacities, whether to meet needs of the local market and rationalize imports or to meet needs of national projects implemented by the Egyptian state. As well as, the establishment of industrial cities specialized in fields of leather, textiles, furniture and food industries, besides, providing infrastructure supporting the industrial sector through developing and rehabilitating industrial zones in all governorates of Egypt.”

One of the most important successes during the current year is signing a memorandum of understanding for cooperation in fields of industrial integration within the framework of tripartite cooperation between Egypt, Jordan and Iraq.

The minister stated that the number of factories that obtained an industrial record and started actual production reached approximately 2778 factories in various industrial activities with investments amounting to EGP 17.993bn and providing 181, 452 new job opportunities in 27 governorates in 2021. Furthermore, granting 10,223 operating licenses to industrial facilities.

Moreover, the completion of the first phase of Robbiki Leather City and the second and third phases are being completed. Added to,1749 services provided by the Industrial Modernization Center to 683 companies in the field of technical support for industrial companies, at a cost of EGP 37.9m.

Topics: industrial

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