Housing, transport, industry, electricity, supply are atop ministers’ agenda
Industry and Transport in the same portfolio for the first time
Industry will be Egypt’s economic development engine in the coming period, and efforts will be directed towards the completed infrastructure projects to develop industry across all sectors, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir said.
El-Wazir took the oath on Wednesday as Deputy Prime Minister for Industrial Development and Minister of Industry and Transport. Earlier, he served as the transport minister.
It’s a first to see the Ministry of Transport merged with the Ministry of Industry in the Egyptian government.
Aligning with the presidential directives, El-Wazir said that industrial development plan focuses on rationalizing imports, achieving self-sufficiency in industries currently relying on imports, encouraging exports, and leveraging Egypt's highly reputed industries, such as textiles, construction, iron, cement, ceramics, and others.
The main challenges for the local industry to continue competing in both local and international markets include production costs, securing dollars to import raw materials, and the high interest rates on bank financing.
Egypt has started addressing the US dollar shortage crisis it has faced over the past two years, which negatively affected all industrial sectors as well as exports and imports. These actions include sealing foreign direct investment (FDI) deals that provide the US dollar liquidity required in the market, such as the $35 billion Ras El-Hekma deal with the UAE.
Moreover, the current high interest rates represent a significant challenge for the industrial sector, as these rates have raised the associated operating costs, consequently increasing the prices of the end products.
The top priority for El-Wazir’s ministry is developing the private sector, increasing the number of factories, and granting regulated and disciplined licenses without bureaucratic routine, he emphasized.