The Central Bank of Egypt’s Nileprenuers Initiative announced the launch of a new programme to localise the local industry in cooperation with Banque Misr (BM) and the Industrial Development Bank (IDB) within the framework of working to overcome the current import challenges and make Egyptian products more competitive.
The new programme — which was launched through the Innovation Centre of the Nileprenuers Initiative — focuses on the engineering industries sector and provides many services that work on product development and reverse engineering of imported products and components or production supplies, such as molds, fasteners, production guides, and others for companies operating in Egypt.
In this programme, the initiative uses a team of engineers, consultants, and equipped laboratories. It also provides networking services with local suppliers in order to deepen the local component and increase the competitiveness of Egyptian products.
Furthermore, it provides training for local companies in order to build their engineers’ technical capabilities that enable them to manufacture innovative products and solve many challenges you face.
Ahmed Saleh — Director of the Innovation Programme at the Nileprenuers Initiative — said that deepening local industrialisation is a national priority, as Egypt boasts the required expertise and competencies, as well as being a large and diversified market that attracts various types of investment, whether at the level of products and services or the level of targeted segments of customers and markets.
Saleh added that with the current changes, the Egyptian market is witnessing great opportunities to create competitive products that cover the local market and also compete with its foreign counterpart, and there are real export opportunities in light of the crises that the world is witnessing at the level of supply chains and the lack of many goods and products.
He also explained that the industrial community in Egypt needs technology to develop its products among other things in order to benefit from the current conditions in international markets from national and industrial partnerships.
Furthermore, Saleh said that the localisation of technology and the deepening of local industrialisation is a sustainable development policy and agenda that works on the optimal use of resources — human, raw materials, infrastructure, or technology — and creates job opportunities, greater added value, and increases the ability of the national economy to cope with crises, in addition to encouraging and attracting foreign investment and filling the trade balance deficit.
It is worth noting that the Innovation Centre is a service entity that was established through the Nile University and the Nileprenuers Initiative with the support of a group of sponsors who believe in the importance of design in growth and promotion of economic development.
The centre provides a variety of services that promote innovation in the Egyptian market, including the design and development of products, along with reverse engineering.