Egypt Plays Key Role In Libya's Reconstruction: FEI Official

(MENAFN- Daily News Egypt) Alaa Nasr El-Din, a board member of the Wood and Furniture Chamber at the Federation of Egyptian Industries (FEI), highlighted the significant strides made by Egypt's industrial sector in 2024, noting key economic and commercial developments that have positively impacted the sector.

Nasr El-Din pointed to the elimination of industrial land brokers and the cessation of land hoarding practices as major achievements this year. These changes are seen as critical steps in streamlining industrial land access and promoting investment. He also noted the introduction of tax incentives, initiatives aimed at integrating the informal sector into the formal economy, and a landmark decision to prohibit workshops in residential areas, which now must operate exclusively in designated industrial zones.

Strengthening External Partnerships

Nasr El-Din emphasized the growing importance of external partnerships for the Egyptian industrial sector. He underscored the government's efforts to organize industrial delegations abroad, with the most recent trip being a highly successful mission to Libya. The visit resulted in Egypt's participation in Libya's reconstruction program, specifically supporting 34 industrial sectors within the country's rebuilding efforts. This collaboration reflects Egypt's expanding role in regional economic initiatives and the strategic importance of industrial diplomacy.

The FEI board member also pointed out that Egypt's Minister of Industry has placed a strong focus on exports, working to open new markets for Egyptian products, and creating a more conducive environment for industrial operations. These efforts aim to boost foreign investments, generate job opportunities, and transfer valuable international expertise to Egypt. This approach is expected to support the government's broader goals of strengthening Egypt's industrial base and increasing its global competitiveness.

Key Domestic Challenges and Initiatives

Turning to domestic issues, Nasr El-Din voiced concern over the growing prevalence of tuk-tuks, small vehicles that he believes are pulling young workers away from factories. He suggested that setting an age limit for tuk-tuk drivers would help redirect youth into industrial jobs, where they could receive proper training and contribute to the country's manufacturing growth.

Nasr El-Din also called for the government to organize the“Turathna” (Our Heritage) Exhibition more frequently and to take the event abroad. He highlighted that the exhibition serves as a vital platform to showcase Egypt's handmade industries to the world, promoting the country's rich cultural heritage while creating new opportunities for artisanal exports.

The FEI board member praised the government's recent decision to restart Nasr Automotive Company, calling it a commendable step toward revitalizing the country's industrial landscape. He expressed hope that similar efforts would be made for other factories that have ceased operations, enabling them to reopen and resume production, further strengthening Egypt's manufacturing sector.

Looking toward 2025, Nasr El-Din predicted further progress in the industrial sector, with Egypt's manufacturing industry poised to regain its former prominence. He expressed confidence that the country's industries will increasingly compete with advanced industries in other countries, driven by ongoing reforms, strategic partnerships, and a growing focus on export-led growth.

These developments paint a picture of a vibrant and competitive industrial sector in Egypt, one that plays an integral role in regional economic initiatives, supports domestic job creation, and contributes to the country's broader development goals.

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