10 Key facts about Egypt's focus on prioritizing local industry

Egypt's is commited to revitalizing its domestic industries. In a recent statement, Prime Minister Mostafa Madbouly highlighted the nation's determination to prioritize local industry, fostering economic growth, job creation, and global competitiveness. Join us as we explore the 10 key facts that shed light on Egypt's resolute focus on boosting domestic production and its journey towards becoming a prominent player in the global market.

1. Prime Minister Mostafa Madbouly has affirmed that localizing industry, which includes expanding industrial capabilities and forging partnerships with global firms, is a top priority for the Egyptian government.

2. The objective of prioritizing local industry is to boost domestic production, ultimately enabling Egypt to compete more effectively in international markets by exporting its goods.

3. Prime Minister Madbouly emphasized the transformation of the Suez Canal Economic Zone (SCZone) into a strategic trade hub with a strong emphasis on supporting and promoting local industries.

4. During his tour of the SCZone, Prime Minister Madbouly visited six different factories, including the Iron Factory, which stands as the Middle East's largest with an annual production capacity exceeding 6.2 million tons.

5. The government recognizes the importance of medium and small-scale industries in achieving its localization goals. One example highlighted was a factory producing mobile accessories and technology products that employed young graduates from the Suez governorate.

6. The emphasis on local industry is not only aimed at increasing production but also at generating employment opportunities. This strategy is expected to have a positive impact on job creation, particularly in export-oriented industries.

7. Factory owners within the SCZone expressed their commitment to enhancing the localization of industry by manufacturing production supplies domestically instead of relying on imports.

8. Prime Minister Madbouly praised the El Sokhna port for its significant contribution to Egypt's trade infrastructure. The port is projected to become one of the world's largest ports, boasting 18 kilometers of docks to serve various transportation and logistics needs.

9. The Ministry of Transport was lauded for its swift and high-standard implementation of the Al-Sokhna Port project, aligning it with international standards and further enhancing Egypt's trade capabilities.

10. To bolster the logistics network, the government is working on the integration of road and railway infrastructure. A notable project is the development of a high-speed electric train connecting Al-Sokhna to Alexandria, aimed at bolstering local trade and complementing the strategic importance of the Suez Canal.