Prime Minister, Mostafa Madbouly, and Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, addressed Egypt’s current economic conditions and the government’s commitment to advancing industrial growth amidst global challenges.
Prime Minister Madbouly highlighted the stability of Egypt’s economy, emphasizing that, despite the challenging global economic landscape, Egypt has remained steadfast in meeting its financial obligations.
Minister Kamel Al-Wazir provided updates on key initiatives and priorities within Egypt’s industrial sector. He outlined the government’s urgent industrial development plan, which aims to elevate the industrial sector’s contribution to the national economy from its current 14% to 20% annually by 2030.
Prime Minister noted that the government continues to fulfill all dues and financial commitments on time, underscoring the country’s reliable economic position.
Madbouly reaffirmed Egypt’s dedication to sustainable growth through the National Strategy for Climate Change and Sustainable Development.
Madbouly dismissed recent rumors about Egypt requesting an increased tranche from the International Monetary Fund (IMF), suggesting that these claims are intended to cast doubt on the country’s currency stability.
Al-Wazir further emphasized that the Central Bank of Egypt’s latest report on remittances from Egyptians abroad demonstrates a positive outlook for Egypt’s economy.
Al-Wazir underscored that the government is actively fostering local industry and attracting investments to position Egypt as a regional industrial hub.
As part of these efforts, Egypt is working to revive 12,000 factories that have halted production.
Al-Wazir also highlighted Egypt’s newly launched Digital Platform for Industrial Services, which streamlines processes for investors by providing online access to essential services, including land allocation and industrial licensing.
Al-Wazir outlined a list of 21 industries that the government is promoting to attract investment.
