Egypt invested EGP 2 tln to upgrade transport sector after decades of neglect
El-Sisi made his remarks during the inauguration ceremony of Bashteel Railway Station, Egypt's newest and largest railway station, and the virtual inauguration of eight other major transport projects.
The Bashteel Railway Station, built in a central location in northern Giza to serve as the main gateway to Upper Egypt, is four times larger than the historic Misr Railway Station (Ramses Station) in central Cairo.
The state-of-the-art station is expected to relieve pressure from Ramses Station, which connects railways in the country in all four directions, and ease traffic congestion in Ramses Square in the heart of the capital.
In his remarks, El-Sisi said this funding could have been allocated to other sectors of the economy but the government had no choice but to invest in the transportat sector because it had been neglected for so long.
The president stressed that the state aims to enhance public facilities to serve citizens more efficiently.
“There are constants in managing state priorities: preparing the nation for growth and improving the lives of citizens," he noted.
El-Sisi also explained that previous administrations had weighed developing the transportation sector against not exacerbating the economic situation and chose the latter.
“Don't think we were unaware that investing in such a sector could increase difficulties in the economic situation. We knew we would suffer, but we chose to endure that suffering and change our country,” he continued.
“These are fundamental principles that cannot be ignored to put the country on the right track,” the president added.
Dollar Challenge
El-Sisi said the rise in the dollar price against the Egyptian pound has nothing to do with implementing national projects.
He blamed the rise in the dollar price on importing goods that could be easily produced domestically, such as chocolate, foil, and cosmetics.
The president criticized relying on imports and called for increased domestic manufacturing.
He presented a table of goods imported over the past decade.
The table revealed that Egypt imported perfumes, deodorants and toilet paper worth $440 million, handbags worth $200 million, chocolate worth $400 million, ceramics worth $235 million, and cheese worth $1.2 billion.
He also highlighted that Egypt imports mobile phones and pharmaceutical products worth $9 billion.
President El-Sisi emphasized that the solutions to Egypt's economic challenges lie within the country.
"If you want to overcome the dollar challenge, a large percentage of these products must be manufactured in Egypt," the president stressed.
The president criticized the mindset that importing goods is easier than producing them domestically.
He said Egypt could manufacture all medicines locally to overcome any drug shortages.
El-Sisi urged investors and industrialists to localize the production of these goods to generate hard currency.