Egypt Unveils Digital Platform To Boost Industrial Investment

(MENAFN- Daily News Egypt) Egypt is establishing a digital platform to streamline investment and accelerate industrial development, Deputy Prime Minister and Minister of Industry and Transport Kamel Al-Wazir announced Monday.

The platform is part of a wider plan to revitalise the industrial sector, Al-Wazir said during the second meeting of the Ministerial Group for Industrial Development. The seven-pillar strategy aims to reduce reliance on imports, meet domestic demand, support local manufacturers, attract foreign investment, expand the industrial base, enhance product quality, and create jobs.

Al-Wazir outlined a comprehensive plan developed since he assumed his dual roles, focusing on seven key pillars. These include rationalising imports, meeting local market needs, encouraging Egyptian manufacturers, and attracting global investors. The strategy aims to expand the industrial base, particularly in green and electronic industries, enhance technical specifications, provide immediate operational approvals, support struggling factories, increase production capacity, and offer technical assistance to help factories obtain international compliance certificates.

Another significant aspect of the plan is workforce employment to reduce unemployment rates. The ministry aims to improve the quality of industry through training and qualifying human resources and technical labour via ministry training bodies, research centres, and Egyptian universities. This initiative is expected to enhance industry quality and increase exports to generate foreign currency.

Al-Wazir highlighted recent ministry efforts to resolve investor problems, predominantly stemming from procedural and administrative issues. The ministerial committee's role is to establish uniform foundations, rules, and legislative amendments to ensure equal treatment for all investors, promoting transparency.

“The committee will work as a unified team to boost industry, especially as we race against time to develop it,” said Al-Wazir. He announced the establishment of the Egypt Digital Industrial Platform and the preparation of an industrial map to facilitate investment, reduce procedures, and expedite processes, thus enhancing the investment climate and advancing the industrial sector.

The meeting reviewed the implementation of decisions from the first Ministerial Committee for Industrial Development meeting, including actions taken regarding investor requests and complaints received since the beginning of the month. The committee also discussed conditions for granting additional time to projects outside the scheduled program and considered legislative amendments to regularise factories built on agricultural land, akin to regulations for residential buildings. The status of public business sector lands was also reviewed.

Several obstacles requiring resolution by relevant agencies and ministerial committee members were addressed. These include issues related to land allocation, industrial area infrastructure, financing, multiple fees and taxes, operating licences, and export support. Resolving these challenges is expected to significantly boost the Egyptian industry.

Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, emphasised that industrial development is a top state priority for achieving economic growth and increasing net exports. She noted that 37% of government investments in the current fiscal year are directed towards industrial development, infrastructure, and industrial area facilities, which supports the state's efforts to enhance exports and achieve sustainable economic growth.

Al-Mashat explained that various development partners are collaborating with national entities on numerous projects to maximise industrial development opportunities and increase investments, whether through facilitated financing, technical support, or diagnostic reports and studies.

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