Egypt aspires to be among the world’s 30 strongest economies by 2030: Minister

Egypt aims to become among the 30 strongest economies worldwide by 2030, Minister of Industry and Trade Tarek Qabil said Monday.

The industrial sector is one of the most important pillars to achieve the goals of Egypt Vision 2030, Qabil said at a ceremony on the occasion of inaugurating a number of projects in the 10th of Ramadan City in the presence of President Abdel Fattah al-Sisi.

Egyptian government targets an 8 percent growth in the industrial sector this year and 21 percent by 2020, Qabil said.

Egypt is adopting a 2020 industrial development strategy, which targets increasing the contribution of the sector in the gross domestic product (GDP) to 21 percent from 17 percent.

In October, the Ministry of Industry launched the industrial investment map, which includes details about available opportunities in the industrial sector, aiming to reduce imports eventually. The map will be regularly updated with the latest developments in the sector.

The map included 4,136 opportunities in eight sectors. Around 1,260 opportunities are in the engineering industries, 860 in the chemical industries, 640 in the food industries, 600 in the textile sector, 395 in the mining sector, 180 in the pharmaceuticals sector, 122 in the metal industries and 56 in the leather industries.