Egypt aims to raise industrial sector contribution to GDP to 30%

Madbouly made this statement during the third edition of the International Annual Industry Conference and Exhibition (IMCE) organized by the Industrial Modernization Centre (IMC) under the patronage of President Abdel-Fattah El-Sisi.

This event will be held from 25 to 27 November. The first edition of this conference and exhibition took place in 2022.

Madbouly emphasized that achieving this goal would be completed with the support of Egypt's industrial leaders.

Moreover, Madbouly highlighted that industrial growth requires essential infrastructure, energy, and legal frameworks, which the government has developed in recent years.

He also pointed out that the current local component in many industries, which is between 40 and 50 percent, is insufficient.

For industries such as automotive manufacturing to succeed, he argued that it is crucial to integrate all supporting sectors and increase the local component to 70 and 80 percent, thereby realizing the desired industrial leap.

Furthermore, he clarified that the government's goal is not to reduce imports but to focus on boosting local production, improving product quality, increasing exports, and working towards the ambitious export target of $140-145 billion by 2030.