Minister of Industry and Trade Tarek Kabil said that Egyptian agricultural exports increased by 17% during 2016, adding that Egypt is currently the biggest citrus exporter in the world.
The minister added in a statement issued on Wednesday during a meeting with investment banks’ representatives, arranged by EFG-Hermes, that Egypt has a lot of investment opportunities, due to reforms implemented by the government, making Egypt one of the most attractive countries in the region for investments.
He believes that the automotive industry strategy, which is currently being studied in parliament, will make Egypt a leader in car manufacturing in the Middle East and Africa. “The strategy focuses on increasing the ratio of local components from 45% to 60%, and also provides incentives for exporters,” the minister said in the statement.
It is worth noting that the parliament approved postponing the automotive industry strategy indefinitely, according to a senior parliamentary source at the parliament’s Industry Committee, who told Daily News Egypt that postponing the negotiations related to the strategy is pending more hearings and discussions with automotive companies and feeding industries.
Kabil said that the government is working on increasing the amount and the quality of Egyptian cotton, explaining that the government doubled the land allocated to grow cotton. He emphasised that the ministry wants to attract investments in this field, adding that establishing industrial cities for textile is being considered.
Regarding the Suez Canal region, the minister said that some areas are ready for investments, adding that the government is working on developing more areas through establishing infrastructure.