Egypt offers 152 industrial investment opportunities to curb $30 billion in imports

Egypt seeks to curb the import bill by localizing industries for pharmaceutical and food products, engineering and chemical supplies, and building materials, by promoting about 152 investment opportunities in the industrial sector that bridge an import gap worth $30 billion annually, according to what the Industrial Development Authority announced today, Sunday.

The authority indicated in a statement that the offered investment opportunities came after analytical studies of imports, which means saving a large part of the dollars currently used in importing these products.

Industrial investment map

Mohamed Abdel Karim, Chairman of the Authority, revealed that the announcement of investment opportunities coincided with the launch of the fifth phase of the industrial investment map for industrial lands, pointing to the opening of the door for submission on August 16, on 790 attached industrial plots with a total area of 1.7 million square meters in 14 governorates.

The Ministry of Trade and Industry has started promoting investment opportunities available to local and foreign investors as part of a plan to provide local alternatives, "Egyptian industry", for imported products.

152 investment opportunities

The authority also shared a list of 152 investment opportunities with the Federation of Industries, investor associations, the Investment Authority, the Federation of Chambers of Commerce, and commercial representation offices, in order to promote these opportunities and start implementing them, according to the statement. The Authority confirmed that the investment opportunities are ready for immediate implementation, and are now available on its website.

In a related context, Hossam Haiba, Chairman of the General Authority for Investment and Free Zones, said that the state's encouragement of investment aims to improve the standard of living and create job opportunities for citizens, and investment is in infrastructure, production and service projects.

Free Zones

He added that the Egyptian state should have drawn up a clear investment plan, and unfortunately during the past 50 years there was no clear plan, and Egypt's investment goals were fluctuating, unclear and fixed.

Hossam Haiba pointed out that Egypt's Vision 2030 put all investment goals within a clear framework, and Egypt began to possess a clear methodology in investment, noting that the citizen's culture must change and that the citizen knows that the investor is not a thief or a drug or antiquities dealer, and that the projects he will build The investor will provide job opportunities and improve his income.

He pointed out that Egypt is currently focusing on benefiting from its resources, and providing successful investment opportunities such as investing in green energy, for example.

He noted that the industrial sector in Egypt also has many advantages and we have extensive experiences, as we have many industries in Egypt and we have.