Localizing industry is a state priority: PM Madbouly – Egypt Today

Localizing industry is a state priority: PM Madbouly – Egypt Today

Cairo – January 11, 2024: Localizing industry, including industrial expansion and partnerships with global companies, are a priority to the Egyptian state as it boosts domestic production for exporting internationally, explained Prime Minister Mostafa Madbouly after his tour of the Suez Canal Economic Zone (SCZone) on Thursday.

In a televised statement concluding his tour of the SCZone in Ain Sokhna, Madbouly highlighted its transformation into a trade hub with a focus on local industry.

The PM toured six factories within the SCZone, including the Iron Factory, the largest in the Middle East, with an annual production capacity exceeding 6.2 million tons, according to a cabinet statement.

Madbouly also stressed the importance of medium and small industries, highlighting a factory producing mobile accessories and technology products that employed young graduates from the Suez governorate, emphasizing the positive impact on job creation and export-oriented production.

During his tour, Madbouly shared that factory owners shared their perspectives on today’s economic landscape, viewing it as an opportunity to enhance the localization of the industry, manufacturing production supplies domestically rather than relying on imports.

Hailing the El Sokhna port as an incredible engineering feat, Madbouly shared that the port is anticipated to become one of the world's largest ports with