Sisi Calls for Promotion of Industrial Investment

President Abdel Fattah El Sisi called Sunday for the promotion of industrial investment, in cooperation with the expertise of the private sector, according to Presidency Spokesperson Bassam Rady.

Sisi's statements were given during his meeting with Prime Minister Mostafa Madbouly, and Nevin Gamea, Minister of Trade and Industry.

"Sisi was briefed about efforts to replace imports, increasing dependence on local products and providing production requirements for the benefit of national industry," Rady said.

Hence, the president followed up on the steps taken to increase the encouragement of dependence on the national industry, in order to bridge the gap between exports and imports, and achieve self-sufficiency in local products.

On her part, Gamea reviewed the indicators of Egyptian imports since the beginning of the current year 2021 until now, as well as the executive steps taken by the ministry within the framework of the import substitution program to deepen local industrialization and encourage dependence on national industry.

She also offered joint cooperation with the Central Bank within the framework of financing programs for import substitution and industry support to contribute to transferring production technology and support several industrial sectors related to achieving the sustainable development goals including the United Nations Industrial Development Organization "UNIDO", as well as the German Agency for International Cooperation.