SCZONE is about jobs, not just projects, Egypt PM says

Egypt’s Prime Minister Moustafa Madbouly said the focus of new industrial projects in the Suez Canal Economic Zone (SCZONE) should be on job creation as he inaugurated nine new or expanded factories with investments of up to $85 million.

The factories are expected to create about 2,000 jobs, according to a statement by the Egyptian Cabinet on Sunday.

“It’s not about the projects, but about how many opportunities have been created for young people,” Madbouly said during a press conference following his tour of the SCZONE.

Factory owners and officials told Madbouly that some of the factories export all of their production, while others export at least 70 per cent, with the remainder sold in the domestic market.

“The chocolate side is the increase in the local content of these factories, starting with the assembly of products and moving towards their full manufacturing. At least 40 per cent of the components are local, and this percentage has reached 95 per cent at some factories,” Madbouly said.

The newly inaugurated facilities produce a range of goods, including textiles, such as yarn and woven products used in the garment industry, as well as furniture, food products, fertilisers, mining products, and medical equipment.

The projects also include a factory specialising in ambulance vehicles, in line with presidential directives, according to the Cabinet.

By Ahmed Safwat
Amwal Al Ghad English — Internship Training Programme
Edited by Yomna Yasser