These developments could only be realized through ensuring confidence in investment.
Ensuring confidence in investment marks the beginning of a comprehensive solution to the current challenge of raw material shortages - Press Photo
Egypt's Food Industries Chamber Chairman, Ashraf El-Gazar, highlighted the imperative of investing in manufacturing, sustainability, and increasing investments in the food industries sector at present.
His remarks were made during the chamber's second annual conference themed "Sustainability and Increasing Investment in Food Manufacturing."
El-Gazar emphasized that these developments could only be realized through ensuring confidence in investment, which marks the beginning of a comprehensive solution to the current challenge of raw material shortages. He further stressed the significance of state ownership, a matter in which the chamber takes great pride, particularly amid ongoing amendments.
El-Gazar underlined the importance of fair competition between the domestic and external private sectors in the market. Noting the numerous challenges facing the world, he highlighted Egypt's substantial opportunities linked to having confidence in fair competition, the implementation of market mechanisms, and a unified currency exchange rate. These steps are of utmost importance and should be implemented soon.
Furthermore, he emphasized the need to unify efforts and collaborate with all entities to create employment opportunities. El-Gazar expressed the goal of actively engaging with these entities in an investor-friendly manner to help foster a better future, address existing problems, and build a stronger economy.
Mahmoud El-Basyouni, the Executive Director of the Food Industries Chamber, stated that the food industries sector contributed around 24.5% to the country's Gross Domestic Product (GDP) last year.
He also noted that the sector's investments reached EGP 500 billion during the same period, with approximately 14% of Egypt's merchandise exports attributed to the sector. El-Basyouni mentioned that the chamber organized 107 training workshops, benefiting 1,950 trainees in 15 governorates. Additionally, the chamber participated in 17 development projects in collaboration with nine donor financing institutions. El-Basyouni added that the chamber provided 50 technical reports on the sector and issued 365 veterinary certificates.
Ahmed El-Wakil, Head of the Alexandria Chamber of Commerce, highlighted that the food industries sector in Egypt contributes to the creation of around 80,000 job opportunities. Moreover, the sector plays a significant role in the overall GDP. El-Wakil expressed his hopes of working towards improving individuals' living standards in the near future.
In recent years, Egypt has witnessed a remarkable growth trajectory in its food industries sector. The government's commitment to fostering an enabling business environment, coupled with strategic initiatives, has propelled the sector's expansion. Investments have been pouring into the sector, driving innovation, job creation, and export growth.
With a rich agricultural base, skilled workforce, and robust infrastructure, Egypt is poised to further enhance its position as a regional food manufacturing hub.
