Minister of Trade and Industry Tarek Kabil announced the completion of procedures for 15 new industrial projects with EGP 3.4bn of investments. He added that the ministry is in the process of allocating the land required for it to enter into force, as part of the 41 industrial projects planned to be established with investments of EGP 28 bn.
The foreign direct investment (FDI) accounts for 40% of the total investments, around EGP 11.5bn, are distributed among various industrial sectors, such as food, engineering, chemical and mineral industries, yarn and textile, furniture, leather, and medical assistance.
A meeting between the leaders of the Industrial Development Authority (IDA) and Kabil took place on Friday, during which they discussed a plan to implement the strategy of the Ministry of Trade and Industry until the year 2020.
During the fiscal year (FY) 2016/17, 1,573 factories were established on an area of 16.4 million square metres with investments up to EGP 48.2bn. These factories’ annual production value registered at EGP 86.3bn, and they employ 52,000 workers in 24 governorates, Kabil stated.
Kabil emphasized the IDA’s role in improving the investment system within the industrial sector, attracting investors, following up on the phases of the implementation of the projects, and proposing and providing solutions for any obstructions they face.
The meeting had also addressed the importance of developing a methodology for the pricing of industrial land, in line with global systems, through the training of specialised cadres within the IDA to develop an integrated pricing system, especially since land acquisition is one of the decisive factors in the process of investment in the industrial sector.
On the other hand, Ahmed Abdel Razeq, chairperson of the IDA, announced that the authority is seeking to become a major partner in industrial development, as the authority is responsible for setting the conditions and rules regulating the process of exploiting and the development of industrial zones.