Egypt's Planning Minister Highlights Green Industrial Development At Key Conference

2024-07-30 04:18:32

(MENAFN- Daily News Egypt) Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, underscored the importance of transitioning to green industrial development as a cornerstone for sustainable growth and combating climate change.

Speaking at the“Industry and Environment Towards Green Development” conference on Monday, Al-Mashat highlighted the integration of environmental standards into sectoral development plans to achieve comprehensive and sustainable development.

Al-Mashat emphasised that the industrial sector is a significant contributor to Egypt's economy, accounting for over 15% of the Gross Domestic Product. Adherence to environmental standards, she noted, enhances sustainability and investment attractiveness.“Green industries increase the competitiveness of Egyptian exports and promote inclusive economic development,” she said.

The conference, organised by the Ministries of Industry and Environment with support from the European Union, the European Investment Bank, the German Agency for International Cooperation, the German Development Bank, and the French Development Agency, saw participation from key figures such as Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, and Yasmin Fouad, Minister of Environment.

Al-Mashat outlined the ministry's cooperation with international partners to support Egypt's efforts in localising industry through facilitated financing mechanisms, technical support, and diagnostic reports. She announced $3bn in financing from international partners for 32 projects aimed at enhancing industrial development.

She highlighted the ministry's collaboration with relevant ministries, particularly the Ministries of Environment and Industry, to incorporate environmental and climate dimensions into development plans. This aligns with Egypt's Vision 2030, aiming to increase the share of green public investments and preserve future generations' rights.

The minister detailed the ministry's strategy, focusing on four main areas:

Enhancing Infrastructure and Localising Promising Industries: Funding major projects such as seaports, dry ports, and logistical networks to boost national production capabilities.

Investing in Human Capital, Research, Development, and Innovation: Training programs, technical support, and fostering a culture of innovation to stimulate economic growth through the knowledge economy.

Green Transition: Providing financing and expertise to address environmental challenges and promote sustainable development.

Supportive Policies and Structural Reforms: Improving the business environment through consultations, funding, and supportive legislation.

Al-Mashat also introduced the“HAFIZ Platform for Technical and Financial Support to the Private Sector,” an electronic platform to bridge the information gap between the private sector and development partners.

In her speech, Al-Mashat highlighted the National Initiative for Smart Green Projects, which aims to stimulate innovative ideas and implement environmental solutions across Egypt to address climate change. This initiative aligns with the state's efforts towards a green transition and sustainable development, encouraging local solutions and connecting project owners with funding entities.

The minister pointed to recent strategic partnerships, including a project for“Sustainable Green Industry,” signed during the Egyptian-European Investment Conference. This project, funded by the European Investment Bank and the European Union, aims to support the green transition in the industrial sector by implementing climate and environmental sustainability measures.

Furthermore, Al-Mashat mentioned the signing of the first phase of the Memorandum of Understanding on“Macroeconomic Support and Budget Deficit Assistance,” worth €1 billion. This agreement aims to enhance the competitiveness of the Egyptian economy, improve the business climate, support macroeconomic stability, and drive the green transition.

The ministry, in coordination with the European Union, is prioritising mutual interests to utilise financing for investment guarantees worth €1.8bn in areas including energy transition, digital transformation, food security, and resource efficiency. These partnerships aim to implement developmental projects in priority sectors such as industry localisation, energy efficiency, renewable energy, sanitation, and urban development.

In conclusion, Al-Mashat reaffirmed the ministry's commitment to advancing industrial and human capital development through public investments and cooperation with international funding institutions and partners. The overarching goal, she stated, is to create a competitive economy attractive to investments and to promote inclusive and sustainable growth.

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