What to Know about "Start" Industrial Initiative

In a step intended to support and localize national industries to rely on local products, Egypt's government has launched an industrial initiative, entitled "Start".

The “Start’” initiative aims at supporting scientific research and encouraging foreign investors to invest and open factories in the country, as well as providing raw materials, which are used as intermediate industries for products to be manufactured, according to the government.

It focuses on 8 industrial sectors, starting with increasing the value added on agricultural raw materials, or on mineral resources, and providing professions in order to increase the volume of internal trade.

In a statement, President Abdel Fattah El Sisi said that this national initiative targets principally manufacturing products or production inputs that the Egyptian market needs them, noting that there are products and supplies lists that the country used to import for a long time, and these lists are available at the ministries of industry, finance and the Central Bank of Egypt.

It's worth mentioning that the government has been attracting foreign investments for manufacturing and liberalizing the exchange rate,