Egypt aims to increase the industrial growth rate to 10.7 percent by 2022, Prime Minister Mostafa Madbouly announced in a business forum, as the government continues to embark on a 2018 implemented action plan to boost the sector.
Madbouly told Akhbar Al Youm Economic Conference on Saturday that his government is working on increasing the sector’s growth rate from a current 6.3 percent in 2019.
The government has paid great attention to promoting and developing the industrial sector, which currently contributes 16.7 percent of GDP, he added
He said that the industry sector represents a key pillar of sustainable development, as attracting investments, increasing manufacturing capacity and competing in foreign markets remain issues of top priority on the government’s agenda.
Enhancing investment helps drive economic growth along with continuing efforts to improve the business environment, he stressed.
Madbouly pointed out to economic challenges faced by the country in the previous periods, which necessitated the launch of a real economic reform program, which included working to modernize the infrastructure necessary for the development process through pumping more investments in infrastructure projects, the establishment of industrial zones and new cities, alongside other national projects of economic and social impact.
The government program also includes several targets in the industry sector, including the expansion of the establishment of free zones, the establishment of 12 new investment zones, the expansion of integrated industrial parks and the establishment of 13 new industrial parks, the premier said.