Cairo Chamber Of Commerce Advocates For Examining Industrial Distress Cases
Date
7/20/2024 2:09:41 PM
(MENAFN- Daily News Egypt) Mohamed Aref, Chairperson of the Egyptian Association of Marble and Granite industry and Head of the Quarry and Marble Division at the Cairo Chamber of Commerce, has called for the establishment of committees to investigate various cases of industrial distress. These committees aim to identify the specific reasons behind each distressed situation.
Aref highlighted that some factories face financial difficulties, while others grapple with administrative challenges. The global economic landscape, coupled with the recent foreign currency shortage in Egypt, has impacted the availability of raw materials and industrial inputs for these factories. Liquidity issues and loans further hinder their operational capabilities.
The Egyptian government is actively addressing the industrial sector's concerns, particularly the reopening of troubled factories. Numerous initiatives have been launched to assess the conditions of thousands of affected factories and companies, which have experienced production halts and lost foreign markets and export opportunities.
Minister of Transport and Industry Kamel El Wazir recently emphasised the urgency of approving decisions that address factory problems. Engaging in community dialogues with factory owners is also a priority to facilitate their restart.
Aref underscored that reopening troubled factories is a preferred solution to mitigate the impact of the ongoing global economic crisis in Egypt. By resolving the issues faced by these factories, they can significantly contribute to production and boost the Egyptian economy within a short timeframe.
He said:“Troubled factories represent a crisis that the government must address as quickly as possible by exploring ways to get them back to work and production. They should be given priority over investing in new factories, which take at least two years to start producing. In contrast, if the problems of troubled factories are resolved, they could add significant value to production and the Egyptian economy within just a few months.”
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