Madbouly reviews Egypt’s efforts to attract investment, support private sector

Daily News Egypt
2 Min Read

Prime Minister Mostafa Madbouly asserted that all state agencies are working on attracting local and foreign investments and supporting the private sector.

Madbouly’s remarks came during his inspection tour of a number of factories in 10th of Ramadan Industrial Zone.

He explained that Egypt is working to create an investment climate in various sectors and expanding the establishment of free zones, which encourage investors to provide development finances, whether by establishing new factories or expanding existing ones, noting Egypt’s interest in labour-intensive industries due to their major role in providing more new job opportunities

He also said that labour intensive industries contributed to decreasing Egypt’s unemployment rates from 7.9% in 2020 to 7.4% in 2021.

Furthermore, the PM confirmed the advantages, incentives, and guarantees enjoyed by factories operating in investment zones as well as the ease of integrating them into value-added chains, which achieves the highest benefit for investors and the economic system as a whole.

Madbouly also visited the Egyptian-Swiss group of companies, where he listened to Ahmed Al-Sebaei — General Manager of the Egyptian-Swiss Group — review the latest developments pertaining to the group’s companies.

The Egyptian-Swiss Company for Concentrates (Jam and juice) was established in 2013 with a capital of EGP 40m to manufacture concentrate products with a production capacity of 3,000 tonnes per month.

Additionally, the PM visited one of Badawi Group for Food Industries’ factories, which has a capital of EGP 2bn and employs 1,000 workers.

Chairperson of Badawi Group Bahaa Al-Din Badawi then presented the company’s recent activity and asserted that the company is preparing for expansion by increasing its production capacity.

Madbouly concluded his visit by inspecting Nefertari’s factory, which produces mechanical carpets.

The factory, whose capital reached EGP 760m, recently increased the number of its employees to 20,000, and achieved EGP 11.4bn in profits last year, of which EGP 6bn came from exports.

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