Dr Mahmoud El Garf, Head of the Industrial Development Authority (IDA), said that closing many factories during the last 3 years is primarily due to violating the principles of the economic capability as well as not building the factories on the ground of intact statistical and economic studies.
This cause shackles the role of the Ministry of Industry or the government in general in intensifying its efforts in order to re-operate these factories. Hence, these factories has exited the market because they became not able to compete with the other products in both local and international markets; resulting in a crisis of liquidity and accumulating the debts to the banks and finally closing down the factories, Dr Mahmoud El Garf explained to “Amwal Al Ghad”.
He confirmed that the Industrial Development Authority is now seeking to set a far-reaching industrial vision for Egypt so as to start producing and to secure a strong competition for its products with the foreign ones. The IDA also has persistent attempts to reopen the stalled factories.