Prime Minister Madbouly's factory visits in 10th of Ramadan City today underscore Egypt's commitment to industrial development.
Today, Prime Minister Dr. Mostafa Madbouly, accompanied by his delegation, embarked on a series of visits to factories in the bustling 10th of Ramadan City, reaffirming the government's commitment to bolstering Egypt's industrial sector. One of the key highlights of his tour was the inspection of the Fresh Electric factory for household appliances.
Upon arrival, Prime Minister Madbouly underscored the pivotal role of private sector investments in fortifying the Egyptian economy. He emphasized the significance of such investments in generating employment opportunities and delivering high-quality products tailored to local market demands. Engineer Ahmed Nagaty, the factory manager, provided insights into Fresh Electric's latest advancements in manufacturing, particularly in top-loading and front-loading automatic washing machines, driven by new direct investments totaling $8 million.
In addition to Fresh Electric, the Prime Minister's visit extended to the Jotun Paints and Industrial Coatings factory, where he reiterated the government's support for new expansions and investments. Abdullah Tawfik, the CEO of Jotun Paints, welcomed the Prime Minister and highlighted the company's commitment to long-term investment in Egypt's market, exemplified by the inauguration of its new state-of-the-art factory.
Furthermore, the tour included a stop at the Beko Egypt home appliances factory, where Prime Minister Madbouly emphasized the government's dedication to facilitating the operational commencement of industrial projects. Ahmed Bahgat, Director of Beko Egypt, expressed gratitude for the government's support, underlining the company's alignment with Egypt's vision for sustainable development.
Prime Minister Madbouly's visits underscored the government's concerted efforts to drive industrial growth, streamline investment procedures, and foster partnerships with the private sector, reaffirming Egypt's commitment to economic prosperity and development.
Madbouly emphasized the importance of prioritizing production across various sectors, including industry, agriculture, communications, and tourism, during his visit to several factories today.
He highlighted that ensuring sustainable growth and avoiding crises hinges on robust production. "Our future prosperity depends on production. We've identified key sectors like industry, agriculture, communications, and tourism as our top priorities," Madbouly stated.
Madbouly reiterated that production is crucial for addressing the dollar shortage issue, affirming that their focus is on ensuring the sustainability of hard currency reserves, not merely resolving the current crisis. "We're working to ensure the sustainability of foreign currency resources, not just a temporary fix," he added.
Addressing concerns over the dollar crisis, Madbouly mentioned that while some doubted their vision for overcoming the crisis, they have been actively managing the situation. He noted that discussions about deals were inappropriate when negotiations were ongoing. "We're closely monitoring daily dollar flows with the Central Bank Governor. Our goal is to prevent a recurrence of previous crises by ensuring the continuity of dollar resources," Madbouly stated.
The Prime Minister emphasized that increasing local production, deepening it, and boosting exports are essential for securing dollar resources. "Our focus is on all resources that provide dollars, which can only be achieved through increased local production, deepening it, and expanding exports," Madbouly concluded.
