Government Supports Industry Development To Meet Market Needs: Al-Sisi

(MENAFN- Daily News Egypt) President Abdel Fattah Al-Sisi affirmed the state's keenness to support investors and facilitate their projects, saying:“The state is ready to help investors by reducing the financial cost of projects, providing all facilities and creating what is necessary for them so that the investor can focus his efforts on starting his project faster without any obstacles that may delay the construction period before the project enters the operational phase.”

Al-Sisi made these remarks at the opening of the annual International exhibition of industry in its second session, where he stressed that the main goal of this period was to achieve an industry that covers the needs of Egyptian society. He said,“We are keen to meet the needs of the Egyptian market for everything and all products, not only in the industry, so the local component must be constantly increased in products.”

He also announced that the state will establish industrial facilities to support the industry, on condition that the factory bears the cost of machinery. He added that the state has established 15 industrial clusters at the request of the Ministry of Trade and Industry to save the investor's effort and time, as the state has carried out infrastructure works and delivered facilities, including all the necessary approvals for the investor to bring the machines and start working directly on his project. He clarified that the goal of establishing these industrial clusters is not to share the investor's profit but to provide all the requirements for him to start his project immediately and create new job opportunities.

Al-Sisi gave a hypothetical example, saying:“If an investor spends EGP 200m on the construction part, which takes five years, for example, to implement, the state saves him this period and funds and asks him to immediately start implementing his project and not to waste time in administrative or construction matters.”

The president expressed his eagerness to provide all aspects of support for the localization of Egyptian industries in various fields, and encourage manufacturers to expand and achieve their goals in covering local needs and increasing export rates abroad. He said that the reclaimed land, which was encroached upon, and whose size is estimated at millions of meters, can be coordinated by the government to re-allocate it to investors who wish to expand with small and medium-sized factories.

He continued:“The state is ready to work on civil facilities for developers, and we aim to save time and effort for industrial developers.” He added that the state supports the development of industrial technical schools nationwide and that the lesson is not by creating the largest number of factories and schools but by teaching future generations willpower and responsibility preserving the state's capabilities and teaching future generations the importance of preserving wealth.

The president called on the Federation of Egyptian Industries to be a bridge between companies, investors, and those who wish to enter into that system, so that time and effort are saved for the investor. He stressed that what the state will do in this framework will be different.

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