Egypt industry: Strategy to revitalise industrial sector underway – PM

Egypt’s Prime Minister Moustafa Madbouly announced on Wednesday that a comprehensive strategy for revitalising the industrial sector, currently under finalisation. To address immediate challenges, the government has unveiled an urgent action plan aimed at delivering tangible results within the next year, Prime Minister Madbouly told a press conference.

The plan focuses on stimulating the establishment of new factories, encouraging domestic and foreign investments to priority projects, improving product quality for expanded export markets, and resuscitating struggling manufacturing facilities, he added.

To foster a supportive business environment, the government has implemented a moratorium on industrial facility closures. Such decisions, he explained, will now require the approval of the deputy prime minister for industrial development, the minister of industry and transport, and the prime minister. The government is committed to supporting industrial operations by granting a grace period for businesses to rectify any violations while they focus on maintaining production.

Attribution: The Egyptian Cabinet