The Ministry of Foreign Trade and Industry is preparing a five-year strategy targeting 1.5% in annual industrial growth, Minister of Foreign Trade and Industry Tarek Qabil said in official statements, Saturday.
Qabil said that the strategy seeks to lessen the trade deficit and increase the foreign income resources. The plan will also include means to attract foreign direct investment (FDI) and offer new job opportunities for youth.
Specific indicators will be used to measure the progress of this plan and the evaluation of the set accomplishments will occur on a monthly basis, the minister noted.
On 22 September, Governor of the Central Bank of Egypt (CBE) Hisham Ramez sat down with Head of the Federation of Egyptian Industries (FEI) Mohamed El-Sewedy, and FEI Vice Chairman Tarek Tawfik, to discuss possible solutions for the difficulties faced by industries.
The trio discussed, amongst other obstacles, the shortage of foreign currency and the delayed credit, as well as the unavailability of production inputs and capital based products needed for factories to continue their operation.