Egypt’s Minister of Trade and Industry Nevine Gamea has said that her ministry is looking to achieve real industrial development, in coordination and cooperation with all government agencies.
Gamea said that this will take place by improving investment environment and providing distinguished services to industrial investors.
She added that the Ministry of Trade and Industry has exerted more efforts to activate the Industrial Development Authority Law No 95 of 2018. The law’s executive regulations were recently issued, and aims to set controls related to organising the work of the authority and services it provides to investors.
She further elaborated that her ministry is keen on communicating and coordinating with all political forces in the country, to achieve goals of the government’s plan for industrial development and foreign trade.
The minister’s remarks came during the expanded meeting held with a number of representatives from the Coordination of Youth Parties and Politicians, which dealt with a number of issues related to the Ministry’s work plan.
It also touched on its role in promoting and developing investment in the local industrial sector, and creating a favourable environment for investors. This was in addition to the role played by the Micro, Small and Medium Enterprise Development Authority (MSMEDA) in issuing the law and its executive regulations.
Gamea noted that the industrial development plan adopted by the ministry targets all governorates of Egypt, by expanding the establishment of specialised industrial complexes and cities. This is with the aim of facilitating investors, especially small investors, in starting their industrial project with more facilities and encouraging incentives.
Meanwhile, Egypt’s land allocation system is currently being reviewed, in order to determine investors’ seriousness in launching projects.
This is on the basis of which lands were granted, and their commitment to the timetable set for the completion of the project and the start of production. Additionally, the Ministry of Trade and Industry will not allow land hoarding to occur, with plots of land already having been withdrawn from non-serious investors for re-allocation, the minister disclosed.
With regard to the implementation of the “Decent Life” presidential initiative, Gamea pointed out that MSMEDA has conducted a comprehensive survey of the 1,500 villages included in the initiative.
This aimed to determine the comparative advantage of each village and available economic components, in order to identify projects that can be started especially for women, youth and entrepreneurs.