Egypt's industrial and commercial sectors are on a remarkable trajectory, bolstering economic growth and stability.
By: Mohamed Zain
Sat, Sep. 30, 2023
Egypt has witnessed remarkable progress in its industrial and commercial sectors over the past nine years. The government's unprecedented focus on developing these sectors and increasing export rates has made them vital pillars of the national economy.
They have played a central role in comprehensive development and social stability by providing employment opportunities for youth and improving living standards. In 2020-2021, the industrial sector contributed 16.8% to the Gross Domestic Product at current prices.
In 2021, the government introduced 100 measures to stimulate and promote industrial activities and overcome challenges faced by priority industrial sectors, which are crucial for uplifting the national economy.
Discussions on these measures took place across various ministries to ensure their consistency.
The industrial sector's primary objectives in the 2024/2023 plan include directing investments of approximately EGP 100.7 billion towards the manufacturing industries, marking a nearly 20% increase from expected investments in 2022-2023.
Additionally, there is a focus on enhancing local manufacturing and increasing the industry's contribution to the Gross Domestic Product to reach 20% by the fiscal year 2027/2026. To achieve these targets, the government has been committed to developing and rehabilitating priority and strategically important manufacturing activities.
The total investment cost in the trade and industry sector, including small and medium-sized enterprises, amounted to EGP 128.2 billion over the past nine years. Egyptian exports surged to $51.6 billion, compared to $27.6 billion in 2014, representing an impressive 87% increase.
Egypt's industrial and commercial sectors have undergone a transformative journey, reflecting the government's dedication to fostering economic growth and stability.
The significant advancements made over the years underscore Egypt's commitment to becoming a regional economic powerhouse.