Egypt seeks to engage in 4th Industrial Revolution – PM

Prime Minister Mostafa Madbouli said on Saturday November 2,2019 the industry sector represents a key pillar of sustainable development, as attracting investments, increasing manufacturing capacity and competing in foreign markets remain issues of top priority on the government’s agenda.

Enhancing investment helps drive economic growth along with continuing efforts to improve the business environment, the prime minister told Akhbar Al Youm Economic Conference.

The government has paid great attention to promoting and developing the industrial sector, which currently contributes 16.7 percent of GDP, he added.

Madbouli pointed out to economic challenges faced by the country in the previous periods, which necessitated the launch of a real economic reform program, which included working to modernize the infrastructure necessary for the development process through pumping more investments in infrastructure projects, the establishment of industrial zones and new cities, alongside other national projects of economic and social impact.

The government’s action plan includes a key focus for improving the competitiveness of the industry sector to rev up industrial investments over the next four years, aiming to increase the industrial growth rate from 6.3 percent in 2019 to more than 10.7 percent by 2022, he added.

The government program also includes several targets in the industry sector, including the expansion of the establishment of free zones, the establishment of 12 new investment zones, the expansion of integrated industrial parks and the establishment of 13 new industrial parks, the premier said.

We have come a long way in the establishment of integrated industrial cities, to ensure the maximum possible use of raw materials, increase foreign exchange reserves, push up export rates and reduce imports, he added.

Promoting innovation and improving the business environment are essential for driving the Egyptian economy towards effective integration into the global economy, Madbouli said.

The Egyptian government is seeking to engage in the Fourth Industrial Revolution, he added.

The state plans to transform into a digital society and digital justice, contributing to administrative reform, developing and improving government services and combating corruption, the prime minister said.

Great efforts are being exerted to develop the Egyptian information infrastructure, he added.

Madbouli stressed the government’s commitment to continuing to support the industry sector, giving priority to the private sector due to its vital role in improving the Egyptian economy.

Source: State Information Service Egypt