Egypt's industrial sector achieved a growth rate of 3.8% during the fiscal year (FY) 2022/2023, according to Minister of Trade and Industry, Ahmed Samir's speech at the opening of the Golden Triangle Investment, Industry and Export Conference.

Minister Samir pointed out that Egypt’s merchandise exports reached about $36 billion in 2023.

In light of the directives of President Abdel Fattah El-Sisi, the Egyptian government provided more than $8 billion in March 2024, to facilitate the customs release of goods and enable the industrial sector to get the necessary raw materials and production inputs.

He pointed to the 7th phase of the immediate cash payment initiative for export support, at a total cost of EGP 8 billion for completed files with the Export Development Fund until the end of September 2023.

The Egyptian government provided soft interests to the industrial and agricultural sectors at a rate of 15%, with a total of EGP 120 billion. Additionally, the state treasury bears an EGP 8 billion interest rate difference for the beneficiaries annually.

The minister highlighted that these endeavors reflect the government's commitment to implementing economic policies that align with the national industry strategy's primary objectives and trade enhancement.

These goals include raising petroleum and non-petroleum exports to reach $145 billion annually up from $53 billion within six years.

Moreover, there is a focus on achieving a yearly 20% growth in industrial value addition, boosting the green economy's contribution to the GDP to 5%, and generating 7 to 8 million job opportunities.