PM: Economic reforms based on several sectors topped by industry

Prime Minister Mostafa Madbouly Saturday 18/05/2024 said that the state is working on promoting the local industry as well as localization of various industries, in line with the underway economic reform measures carried out in different sectors, topped by the industry, agriculture, communication, information technology and tourism.

The reform measures aim to gradually boost the share of the aforementioned sectors in the GDP, increase the direct foreign investments along with boosting the contributions of the private sector to the national economy to reach 65 percent throughout the upcoming three years, Madbouly added.

This came during the premier’s tour of a number of industrial and technological projects in the Upper Egypt governorate of Beni Suef.

Madbouly was accompanied by Minister of Communications and Information Technology Amr Talaat, Industry Minister Ahmed Samir, Local Development Minister Hisham Amna, General Authority for Investment and Free Zones (GAFI) CEO Hossam Heiba, Beni Suef Governor Mohamed Hany Ghoniem alongside a host of leaderships of Beni Suef governorate.

Madbouly started the tour with inspecting Elaraby Group factory, where he was received by Chairman of Elaraby Group Ibrahim el Araby and the Executive Director Mohamed el Araby.

Madbouly and his accompanying delegation took a tour of the three factories of manufacturing of automatic and semi-automatic washing machines in Kom Abou Rady area. The factories provide assembling and manufacturing parts of the washing machines, along with manufacturing their motors.

Ibrahim el Araby posted the premier on the working strategy of the group that aims to promote the local industrialization as well as the group’s future plans for expansion in the industrial zones of Beni Suef and Quesna, Monufia Governorate, during the coming period.

Araby highlighted the group’s current plan to boost local industrialization and exports, within the framework of the strategy of turning Egypt into a hub for manufacturing home appliances and electronic devices in Africa and the Middle East.

Elaraby Group eyes establishing the largest industrial complex in the region with investments up to some 350 million dollars, Araby said, noting that the project will secure 15,000 job opportunities.

He added that the group has recently signed an agreement with a foreign company to set up a project for manufacturing air conditioner compressor in the industrial zone of Beni Suef, with a total investment cost of 40 million dollars through direct foreign investment.

Set to be built on an area of 25,000 square meter, the project will create 500 job opportunities in various technical professions. The factory will be the first of its kind in the Arab world, Middle East, Africa and West Asia, the chairman of Elaraby Group added.

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