Egypt’s PM reviews challenges facing iron, steel industry

Egypt’s Prime Minister Moustafa Madbouly has convened a meeting to address the challenges in the iron and steel industry and explore ways to rejuvenate this vital sector, as per a statement by the Cabinet.

The meeting aimed to identify the key issues affecting the sector and explore proposals to support and expand it, particularly by localising and deepening its supply chain to ease pressure on foreign currency reserves, Madbouly said.

He emphasised the government’s commitment to establishing Egypt as a regional iron and steel production hub by enhancing competitiveness in global markets and prioritising industries with advanced technological capabilities.

Madbouly praised the government’s support for the industrial sector and efforts to attract investors with increased facilitations and incentives, considering it crucial for economic and social goals, as per the release.

He noted that the iron and steel industry sector is a key focus for President Abdel Fattah El Sisi due to its importance and the valuable contributions of its products to various developmental, service, and industrial sectors.

Cabinet Spokesperson added that the meeting included input from company executives and industry leaders who outlined obstacles facing their operations and proposed solutions to drive growth across the sector and its associated industries.

Discussions also addressed the importance of securing essential raw materials to support local value chains in the engineering and industrial sectors, reducing the need for imports and boosting export potential.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama