Egypt's industrial sector grows by 3.8% in FY 2022/2023: Trade Minister

Minister of Trade and Industry, Ahmed Samir, revealed that Egypt's industrial sector experienced a growth rate of 3.8 percent in the fiscal year (FY) 2022/2023, during the Golden Triangle Investment, Industry and Export Conference.

 

He further mentioned that the country's merchandise exports reached approximately $36 billion in 2023.

 

In line with President Abdel Fattah El-Sisi's directives, the Egyptian government provided over $8 billion in March 2024, to facilitate customs release processes and enable the industrial sector to access necessary raw materials and production inputs.

 

Minister Samir also highlighted the implementation of the 7th phase of the immediate cash payment initiative for export support, which amounted to LE 8 billion for completed files with the Export Development Fund by the end of September 2023. 

 

Moreover, the government extended soft interest rates of 15 percent to the industrial and agricultural sectors, totaling LE 120 billion. Additionally, the state treasury assumes the burden of an LE 8 billion interest rate difference for the beneficiaries annually.

 

These initiatives reflect the government's commitment to implementing economic policies that align with the primary objectives of the national industry strategy and trade enhancement. 

 

Notably, the goals include raising both petroleum and non-petroleum exports from $53 billion to $145 billion annually within six years.

 

 Additionally, the focus is on achieving a yearly 20 percent growth in industrial value addition, increasing the green economy's contribution to the GDP to 5 percent, and creating 7 to 8 million job opportunities.