Minister of Trade and Industry Ahmed Samir announced Wednesday that the ministry issued about 7,200 industrial licences and allocated 4.7 million sqm of industrial land in one year, marking a 530% increase compared to the previous year. He said that the ministry prioritizes new expansions, export capacity and financial solvency in granting licences and land. The minister made these remarks at a conference titled "Development of Egyptian Industry...Opportunities and Challenges", which was organized by the CanadaEgypt Business Council in cooperation with the Federation of Egyptian Industries. The conference aimed to review the ministry's efforts in supporting and revitalizing the Egyptian industrial sector as the engine of comprehensive economic development. Samir said that the ministry has recently implemented a lot of measures and simplified procedures in cooperation with various ministries and concerned authorities. He said that the ministry is currently working on developing a national strategy for industry in collaboration with different stakeholders, including the Federation of Egyptian Industries. The strategy aims to deal with various global challenges, achieve a high industrial growth rate, increase its contribution to the GDP, and boost exports. Samir stated that the ministry's goal is to increase the industrial sector's contribution to the GDP from 11% to 20% annually, which will create 200,000 job opportunities every year. He noted that the industrial sector contributed 11.2% to the Egyptian economy in 2021. Samir acknowledged that the Egyptian economy was affected by global crises such as the COVID-19 pandemic and the Russian-Ukrainian crisis, like other economies in the world. He said that the ministry is working to strengthen the industrial sector and make it resilient to global shocks and crises by promoting national industry and increasing reliance on local production materials, as well as enhancing the competitiveness of Egyptian products in global markets. Samir also highlighted that the ministry has identified 152 investment opportunities, covering 483 customs items, to start producing them locally. He said that these opportunities will increase the competitiveness of the industrial sector and provide production materials for many industries. He added that these opportunities are being marketed globally through various channels, such as Egypt's commercial offices, the General Authority for Investment and Free Zones (GAFI) and the Suez Canal Economic Zone.
