Egypt’s President Abdel Fattah Al-Sisi directed, on Thursday, formulating an integrated plan to develop the local industrial sector, including the current industrial complexes across the country.
Al-Sisi remarks came during his meeting with Prime Minister Mostafa Madbouly and Minister of Trade and Industry Nevine Gamea.
He also ordered providing required inputs for local industries, in order to reduce the cost of production, and increase the local production, which will insure increasing the diversity and competitiveness of the national economy, and providing more job opportunities
The Presidency Spokesperson Bassam Rady said that Al-Sisi also reviewed the plans of the Micro, Small and Medium Enterprises Development Agency (MSMEDA) to support economic activity and various national initiatives.
Al-Sisi directed the MSMEDA to promote entrepreneurship, creativity, and innovation ideas among youth in order to provide new job opportunities.
Moreover, Gamea presented the new Enterprise Development Law No. 152 of 2020, which provides an unprecedented package of facilities to reconcile the status of informal industrial projects.
The law also provides various tax incentives, and reduces customs duties on imported equipment and machinery needed to establish projects, which will help raise competitiveness and encourage deepening of the local component in the industry.
The spokesperson explained that the meeting also dealt with the efforts to activate the medium, small and micro enterprises platform. This platform represents an integrated information structure to document products, projects and information from all relevant government agencies, as well as providing solutions to provide services to project owners using technology.