Egypt is currently adopting a program that aims to step up local industrialization, under Egypt Vision 2030 and Egypt 2020 Industrial Development Strategy, which provided 248 investment opportunities in only six months, with a market value of USD 20 bn, Invest-Gate reports.

During his participation at “Industrial Parks for Inclusive and Sustainable Industrial Development” conference in Peru, from June 11 to 12, Assistant Minister of Trade and Industry Ahmed Taha stressed on the importance of industrial zones and their vital role in accelerating the pace of economic growth and creating more job opportunities, according to a cabinet statement on June 12.

On the sidelines of the event, which is organized jointly by United Nations Industrial Development Organization (UNIDO) and Peruvian government bodies, the assistant minister pointed out that the Egyptian government is currently implementing 13 industrial complexes, within the plan of achieving comprehensive industrial development across Egypt.

He highlighted that Egypt Vision 2030 and Egypt 2020 Industrial Development Strategy are based on the axes of developing small- and medium-sized enterprises (SMEs), developing industrial zones, and promoting entrepreneurship to boost industrial growth rates.

On May 7, Egypt’s Cabinet Spokesman Nader Saad announced that 13 industrial complexes, with approximately 4,500 factories, are currently under construction in Alexandria and Red Sea governorates, according to a previous cabinet statement. It added that Prime Minister Mostafa Madbouly assigned the Industrial Development Authority (IDA) to provide the necessary funding to supply the complexes with the facilities, while urging to speed up work on-site to finalize the implementation process as scheduled.