In the Egyptian Family Iftar event that was held on Tuesday, President Abdel Fattah Al-Sisi announced that the government is paying more attention to the country’s industry by launching an initiative to support and localise national industries to rely on local products. This will be done by strengthening the role of the private sector in expanding the industrial base of large- and medium-sized industries. Localising national industries and deepening local components in products is an initiative that all manufacturers have been calling for over the past 15 years because it is the future of industry in Egypt, as industry is not based on assembly of spare parts only. Consequently, industry in Egypt lacks integration in order to achieve growth and become a strong competitor in exports and reduce imports, El-Sayyad added. Accordingly, localising national industries and relying on local products is important, but the industrial system also needs to improve the business climate in Egypt, increase industrial efficiency, and improve the competitiveness of local products in the global market.

Source: Daily News Egypt April 28, 2022 18:45 UTC