Egypt will offer for sale 1.7 square kilometres of industrial land plots as part of a plan to narrow the country’s trade gap of $30bn, the country’s Industrial Development Authority (IDA) announced on Sunday.
IDA will offer for sale 790 plots of land in 14 governorates to local and foreign investors on 16 August, the head of the IDA, Mohamed Abdel-Karim, said in a statement.
The lands are allocated for industrial investment including the sectors of engineering, chemicals, building materials, food, and pharmaceuticals.
Abdel Karim pointed out that the government is working hard during the current period on deepening local industrialisation by listing imported products, raw materials and supplies that can be manufactured in Egypt.
Moreover, the Ministry of Trade and Industry has begun to promote investment opportunities available in these sectors for local and foreign investors, which contributes to the localisation of industries and reduces trade balance deficit by limiting imports and providing alternatives from Egyptian industry.
IDA’s chairperson called on local and foreign investors to view these ready opportunities for the immediate start of implementation and added that these investment opportunities now exist on the Authority’s website in both Arabic and English.
He further disclosed that investment opportunities have been prepared in a manner that takes into account the increase in added value in the local industry, whether in finished products or production materials, and priority is given to products that have opportunities for growth and export.
Egypt has been struggling to contain the rising inflation in the past years amid a shortage of foreign currency, partially due to the global economic repercussions of the protracted COVID-19 pandemic and the Russia-Ukraine conflict.