Industry ministry eyes $7.6b-investments in Egypt by 2020

Egyptian Trade and Industry Ministry plans to attract industrial investments of 100 billion Egyptian pounds (US$7.6 billion) by 2020 opposed to the current volume estimated at 45 billion pound.

He made these remarks during his meeting with a mission from Singaporean consultancy company Surbana Jurong (SJ) to discuss establishing industrial zones in Egypt.

Qabil added that industrial development plan of the ministry targets raising industrial sector growth rate by 8 percent in 2020 and attracting industrial investments worth 100 billion pounds opposed to the current volume, i.e. 45 billion pounds.

To achieve its goals, the ministry follows a two-axe strategy that depends on establishing more industrial complexes for owners of Small- and Medium -sized Enterprises (SMEs) such as Al-Robeky zone for leather tanneries and Damietta furniture city, the minister noted.

The second axe depends on issuing more utilisied industrial lands, Minister Qabil noted, adding that the ministry issued more than 6 million square metres among its plan to issues 10 square metres by the end of 2017. Accordingly, more urban and housing communities as well as investment and commercial activities would be created, the minister pointed out.