Egypt Creates Digital Platform to Increase Industrial Investments

Egypt is creating a digital platform to simplify investment processes and speed up industrial development, according to Deputy Prime Minister and Minister of Industry and Transport Kamel Al-Wazir.

This initiative is part of a broader plan to reinvigorate the industrial sector, which includes a seven-pillar strategy to reduce reliance on imports, meet local demand, support domestic manufacturers, attract foreign investment, expand the industrial base, improve product quality, and generate employment opportunities.

Al-Wazir detailed the comprehensive plan that has been developed since he took on his dual roles, emphasizing the seven key pillars. These pillars involve streamlining imports, fulfilling local market requirements, promoting Egyptian manufacturers, and attracting global investors.

The strategy is focused on expanding the industrial base, especially in green and electronic industries, enhancing technical standards, providing rapid operational approvals, assisting struggling factories, increasing production capacity, and offering technical support to help factories obtain international compliance certifications.

Another significant aspect of the plan is the creation of a welcome employment to reduce unemployment rates. The ministry aims to improve the quality of industry through training and qualifying human resources and technical labor via ministry training bodies, research centers, and Egyptian universities. This initiative is expected to enhance industry quality and increase exports to generate foreign currency.

Al-Wazir highlighted recent ministry efforts to resolve investor problems, predominantly stemming from procedural and administrative issues. The ministerial committee’s role is to establish uniform foundations, rules, and legislative amendments to ensure equal treatment for all investors, promoting transparency.

“The committee will work as a unified team to boost industry, especially as we race against time to develop it,” said Al-Wazir. He announced the establishment of the Egypt Digital Industrial Platform and the preparation of an industrial map to facilitate investment, reduce procedures, and expedite processes, thus enhancing the investment climate and advancing the industrial sector.

The meeting reviewed the implementation of decisions from the first Ministerial Committee for Industrial Development meeting, including actions taken regarding investor requests and complaints received since the beginning of the month.

The committee also discussed conditions for granting additional time to projects outside the scheduled program and considered legislative amendments to regularise factories built on agricultural land, akin to regulations for residential buildings. The status of public business sector lands was also reviewed.

A number of obstacles requiring resolution by relevant agencies and ministerial committee members were addressed. These include issues related to land allocation, industrial area infrastructure, financing, multiple fees and taxes, operating licenses, and export support. Resolving these challenges is expected to significantly boost the Egyptian industry.