Cabinet proposes plan to promote industrial sector
Updated 8/15/2024 8:15:00 AM
Arab Finance: The cabinet has proposed a plan to President Abdel Fattah El-Sisi to boost the industrial sector, Prime Minister Moustafa Madbouly stated.
The plan comprises three key objectives, the first of which is promoting the establishment of new factories and attracting local, Arab, and foreign investments to be directed toward projects of top priority.
The second goal is enhancing the quality of commodities and products, while opening new markets for these products and increasing the country’s exports.
Moreover, the third objective covers resuming the operation of factories that were closed due to the current economic challenges.
Madbouly also called for the localization of the manufacturing of vehicles and mobile phones in Egypt, adding that the import bill for both industries surpassed $5.5 billion annually, reaching up to $6 billion.
Furthermore, he called for a plan to scale up the production of mobile phones to over 100 million devices a year, 25% of which will be directed toward the local market and the remaining 75% will be exported abroad.
He pointed out that the local market needs around 20 million devices annually, noting that the existing factories produces over 11 million devices a year
He added that there are several projects underway that will increase the mobile phone annual production to up to 17 million devices.
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