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    Egypt allocates EGP 125.7 bn in FY22 to develop processing industries

    21
    Aug '21
    Pic: Shutterstock
    Pic: Shutterstock
    Egypt has allocated EGP 125.7 billion in public investments for the processing industry sector in fiscal 2021-22, according to minister of planning and economic development Hala El-Said, who recently announced that EGP 16.6 billion of this will be directed to petroleum refining industries, while the rest will go to non-petroleum processing industries.

    She indicated that the plan includes increasing industrial non-petroleum production in 2021-22 by 9.9 per cent to reach EGP 1.7 trillion (in current prices) compared to the previous fiscal.

    The plan seeks to resume the modernisation and rehabilitation of a number of Egypt’s public sector enterprises in activities of importance as well; including textile, cotton gins, steel, aluminium, and fertilisers, she said.

    It also includes creating one-stop industrial clusters in the textile and wooden furniture industries to benefit from the perks of the clusters concept, in addition to furthering local manufacturing through expanding in producing intermediate inputs and linking to global supply chains, El-Said said.

    The plan targets increasing non-petroleum industries by a minimum of 10 per cent during this fiscal to post $26 billion, up from $23 billion in the last.

    The country is also aiming to raise production in non-petroleum processing industries by 11.9 per cent in this fiscal compared to the last to record EGP 808 billion (in current prices), El-Said was quoted as saying in a newspaper report in the country.

    “According to the plan, the construction of six industrial complexes is underway in Assiut, Qena, Aswan, Beheira, and Fayoum to establish 13 industrial complexes for small and medium-sized projects. Also, 10 million cubic metres of industrial serviced lands will be offered for investors to tap,” El-Said added.

    Recently, Egypt’s President Abdel-Fattah El-Sisi directed the government to hold meetings with the authorities concerned with the industrial sector to step up work to localise the industry of production tools and supplies instead of importing them.

    Fibre2Fashion News Desk (DS)


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